HUYA Inc (HUYA) 2025 Q1 法說會逐字稿

Welcome to HUYA's first quarter 2025 earnings webinar. I'm Hanyu Liu from the HUYA’s Investor Relations. At this time, all participants are in listen-only mode. Please be advised that today's webinar is being recorded.

歡迎參加虎牙 2025 年第一季收益網路研討會。我是虎牙投資者關係部的劉涵宇。此時，所有參與者都處於只聽模式。請注意，今天的網路研討會正在錄製中。

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. Participants of management on today's call will be Mr. Junhong Huang, our Acting Co-CEO and the Senior Vice President; and then 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.

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。您也可以造訪投資者關係網站 ir.HUYA.com 查看收益新聞稿。電話會議重播即將在投資者關係網站上發布。參加今天電話會議的管理層成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.

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。

As such, the company's results may be materially different from the views expressed today. Further information regarding this and other risks and uncertainties is included in the company's prospectus 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 as except as required under applicable law.

因此，該公司的業績可能與今天表達的觀點有重大差異。有關此風險和其他風險及不確定性的更多資訊包含在公司向美國證券交易委員會提交的招股說明書和其他公開文件中。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-GAAP 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 GAAP 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. In the first quarter of 2025 we have total net revenues stabilized year-over-year and grew quarter-over-quarter to RMB1.51 billion. This was supported by our steady execution of our strategic business transformation which drove 52.1% year-over-year increase in game-relative services, advertising and other revenue to RMB370 million. This segment accounted for 24.6% of total net revenues up from 16.2% in the same period last year.

好的，大家好。感謝您參加我們今天的收益會議。2025年第一季度，我們的總淨收入較去年同期穩定，較上季成長至人民幣15.1億元。這得益於我們穩定執行的策略性業務轉型，推動遊戲相關服務、廣告及其他營收年增52.1%至人民幣3.7億元。該部分佔總淨收入的24.6%，高於去年同期的16.2%。

We were also pleased to deliver a net profit this quarter. Meanwhile, we continued to strengthen our live streaming content ecosystem, deepen collaborations with game companies and content platforms, and explore the integration of AI capabilities in our e-sports experiences, playing a solid foundation for future development.

我們也很高興本季實現了淨利潤。同時，我們不斷強化直播內容生態，深化與遊戲公司、內容平台的合作，探索將AI能力融入電競體驗，為未來發展奠定堅實的基礎。

Now, let me share the details of our recent business progress, starting with our business transformation. As I just mentioned, our game-relative services, advertising, and other revenues reached RMB370 billion this quarter. It is worth noting that revenues from game distribution and in-game item sales are primarily recognized on net basis after revenue sharing with game companies.

現在，讓我從業務轉型開始，分享我們近期業務進展的細節。我剛才提到，本季我們的遊戲相關服務、廣告和其他收入達到了3,700億元。值得注意的是，遊戲發行及遊戲內道具銷售的收入主要以與遊戲公司分成後的淨額確認。

As such, the total transaction value of our game-related services mainly comprised of the gross list generated through our game distribution channel and the GMV for our in-game item sales. It is actually much higher than our reported revenue.

因此，我們的遊戲相關服務的總交易價值主要包括透過我們的遊戲分銷管道產生的總清單和我們的遊戲內物品銷售的GMV。事實上，它比我們報告的收入要高得多。

Let's begin with a closer look at our domestic game-related services and advertising businesses. In terms of game distribution, we proactively deepen our engagement with existing games, despite a quarter with few major new game launches. By working with game studios, refining operational strategy, and unlocking the consumption potential of high commercial value user groups that have naturally congregated with seeing our game live streaming ecosystem. We achieved a solid and more balanced game distribution performance.

讓我們先仔細看看我們的國內遊戲相關服務和廣告業務。在遊戲發行方面，儘管本季只有少數主要新遊戲推出，但我們仍積極深化對現有遊戲的參與。透過與遊戲工作室合作，完善營運策略，釋放遊戲直播生態中自然聚集的高商業價值用戶群的消費潛力。我們實現了穩固且更均衡的遊戲發展業績。

Total gross proceeds generated through HUYAs game distribution channel in the first quarter, more than doubled year-over-year, and increased sequentially. In particular, thanks to various game events during the spring festival, several titles including QQ Speed Mobile, Peacekeeper Elite, Delta Force, and League of Legend mobile recorded significant increase in gross proceeds throughout the HUYA channel, with it growing more than 50% compared to the first quarter of last year.

第一季度，虎牙遊戲分銷管道產生的總收入年增一倍以上，且較上季有所成長。尤其受惠於春節期間各項遊戲活動的開展，《QQ飛車手遊》、《和平精英》、《三角洲特種部隊》、《英雄聯盟手遊》等多款遊戲在虎牙渠道的流水大幅增長，環比增長超過50%。

Several games we distributed from new partners also performed well, as we continue to collaborate with additional game companies. This results underscore our extensive capabilities in operations and game promotions, as we continue to expand our role as game distribution and promotion channel. We plan to deepen our exploration of distribution service, such as the inclusive distribution model to advance our progress.

隨著我們繼續與其他遊戲公司合作，我們從新合作夥伴分銷的幾款遊戲也表現良好。這項結果凸顯了我們在營運和遊戲推廣方面的廣泛能力，我們將繼續擴大作為遊戲發行和推廣管道的角色。我們計劃深入探索分銷服務，例如普惠分銷模式，以推動我們的進步。

For in-game item sales, we are consistently expanding our in-game item SKU offerings, while enhancing our platform sales channel and purchasing experience, leading to a record GMV for in-game item sales in the first quarter. As in-game item sales scale up, 75 events, including popular competitions, such as League of Legends, LPL, and oh, sorry.

對於遊戲內物品銷售，我們不斷擴大遊戲內物品 SKU 產品，同時增強平台銷售管道和購買體驗，從而使第一季遊戲內物品銷售的 GMV 創下新高。隨著遊戲內物品銷售規模的擴大，75 場賽事，包括熱門比賽，如英雄聯盟、LPL，哦，抱歉。

Okay. We are so benefiting our broadcaster ecosystem, with game broadcaster generating more income from in-game item sales, in addition to live channels and the more section, our community section has emerged as an access point for in-game item sales.

好的。我們的廣播生態系統受益匪淺，遊戲廣播員從遊戲內物品銷售中獲得更多收入，除了直播頻道和更多部分外，我們的社群部分已成為遊戲內物品銷售的接入點。

In early April, we successfully showed an inclusive game skins for popular e-sport player from the Honor of Kings, the young debars generated by the skins initial release live streaming section. This players continues engagement within the community, let users to purchase the skins through this channel, making it the second largest scale channel for this skin on our platform, with the number of purchaser more than 60% higher than other similar inclusive skin activities.

四月初，我們成功為《王者榮耀》人氣電競選手、年輕選手以及直播間玩家們帶來了皮膚首發的包容性遊戲皮膚。該玩家持續在社群內活躍，讓用戶透過該管道購買皮膚，成為我們平台上該皮膚第二大規模的管道，購買人數比其他同類普惠皮膚活動高出60%以上。

As users who are active in our community section tend to be more hardcore gamers. We believe that there is great potential within this section to expand our customer base for in-game item purchase and improve repeat purchase rate.

因為在我們的社群部分活躍的用戶往往是更鐵桿的遊戲玩家。我們相信，該部分具有巨大潛力，可以擴大我們遊戲內物品購買的客戶群並提高重複購買率。

On the advertising side, lower brand advertising revenue due to fewer tournament and promotions, as well as the high base contributed by some large scale new games in the first quarter of last year, cost our advertising revenue to decline year-over-year and quarter-over-quarter.

廣告方面，由於賽事和促銷活動的減少導致品牌廣告收入下降，以及去年第一季一些大型新遊戲貢獻的高基數，導致我們的廣告收入年比和季減。

On the other hand, at the end of last year, we upgraded the presentation format for live channels on the VR live apps, creating more efficient performance-based advertising scenarios to strengthen our advertising business.

另一方面，去年底我們升級了VR直播App的直播頻道呈現形式，打造更有效率的效果廣告場景，強化了我們的廣告業務。

While maintaining a strong focus on our domestic market, we have begun to actively explore and enhance our game-related commercialization capabilities in overseas markets, particularly through our global mobile application service platform to better leverage the commercial value of our content and user traffic.

在持續聚焦國內市場的同時，我們開始積極探索並提升海外市場的遊戲商業化能力，特別是透過我們的全球行動應用服務平台，更好地發揮內容和用戶流量的商業價值。

In addition to our existing app promotion and live streaming service, we are developing diverse business models targeting overseas market, including game distribution, in-game item sales, regional inclusive distribution, and game advertising services. We are strengthening our partnership with Chinese game companies that are expanding overseas, as well as local firms.

除了現有的應用程式推廣和直播服務外，我們還在開發針對海外市場的多元商業模式，包括遊戲發行、遊戲內道具銷售、區域包容性發行和遊戲廣告服務。我們正在加強與正在向海外擴張的中國遊戲公司以及本地公司的合作。

As of the first quarter, we have partnered with multiple game companies to distribute or sell in-game items for approximately 50 games, including PUBG Mobile, Honor of Kings, Arena Breakout, Delta Force, and Devil May Cry.

截至第一季度，我們已與多家遊戲公司合作，分發或銷售約 50 款遊戲的遊戲內物品，包括 PUBG Mobile、王者榮耀、Arena Breakout、Delta Force 和 Devil May Cry。

We have also launched operational activities tailored to each game's characteristic and key events, such as Friend Challenge feature and enhanced localized game promotion by collaborating with local broadcasters on our overseas game live streaming platform. These initiatives are demonstrating promising growth with our overseas game-related services, delivering multi-fold sequential revenue growth in the first quarter. Given current development and market chance we are confident that they will continue to help expand our overseas user base and scale up our business. We believe overseas game-related commercialization initiative holds significant potential, making them a key growth engine for our company going forward.

我們也推出了針對每款遊戲特色和重點活動的營運活動，例如好友挑戰功能，並透過在海外遊戲直播平台上與當地廣播公司合作，加強在地化遊戲推廣。這些舉措顯示出我們海外遊戲相關服務可望實現成長，第一季營收實現了數倍的連續成長。鑑於目前的發展和市場機遇，我們相信他們將繼續幫助我們擴大海外用戶群並擴大我們的業務。我們相信海外遊戲相關的商業化舉措具有巨大的潛力，將成為我們公司未來發展的關鍵成長引擎。

Next, our professional content in regiment efforts. We continue to solidify our leading position in licensed e-sports tournament in the first quarter. We broadcast a proxy monthly 75 events, including popular competitions such as League of Legends, LPL, First-Stand tournament, Honor of Kings, KPL, Plus Fires, CFPL, Counter-Strike, Choose, EPL Season 21, Veterans, VCT Bangkok, Masters, and Peacekeeper, ALIS, EPL. These diverse line-up caters to the viewing needs of a wide range of e-sports in it.

接下來，我們在專業內容方面要加大力度。我們在第一季繼續鞏固在授權電競賽事中的領先地位。我們每月代理轉播 75 場賽事，包括英雄聯盟、LPL、First-Stand 錦標賽、王者榮耀、KPL、Plus Fires、CFPL、反恐精英、Choose、EPL 第 21 季、老將賽、VCT 曼谷、大師賽和 Peacekeeper、ALIS、EPL 等熱門比賽。這些多樣化的陣容滿足了其中各種電子競技的觀看需求。

Our internal data indicates that we as market share in e-sports broadcasting continue to improve this quarter, reinforcing our position at the top-game live streaming platform for watching e-sports tournaments. We are also consistently innovating diverse in-house produced content and broadcast proxy monthly 25 self-organized e-sports tournament, and entertainment PGC Show, last quarter.

我們的內部數據表明，本季度我們在電競廣播中的市場份額繼續提高，鞏固了我們在觀看電競比賽的頂級遊戲直播平台中的地位。我們也不斷創新多樣化的內部製作內容，並代理廣播每月25場自組織的電子競技錦標賽，以及上個季度的娛樂PGC Show。

Our highly anticipated HUYA League of Legends, Legend Cup Season 3 commenced at the end of March and is still underway. Building on the success of the previous two editions, we upgraded this event with the establishment of dual-competition genres in China and South Korea, enhancing the competitive pace and match excitement.

我們備受期待的虎牙英雄聯盟傳奇盃第三季於三月底拉開序幕，目前仍在進行中。在前兩屆成功舉辦的基礎上，我們對本次賽事進行了升級，設立了中韓雙賽制，增強了競技節奏和比賽刺激感。

The Legend Cup Season 3 has also partnered with the comprehensive international e-sports event, serving as the Asia Championship League's LOL2 tournament, a key corporation that underscores we as professional influence in e-sports. During the first quarter, Lenten Festival, we launched our pig and chicken developed in collaboration with well-known television network.

傳奇盃第三季也攜手國際綜合電競賽事，作為亞冠聯賽LOL2賽事，是彰顯我們電競專業影響力的重要合作。第一季度，也就是大齋期，我們推出了與知名電視網絡合作開發的豬和雞。

So offline activities integrated with online interaction and a blend of scenes across agricultural products, bulk traditions, shopping and entertainment. This entertainment program attracted viewership comparable to some top tier e-sports content. In addition, we introduced competing truly-end singers Ziran, an e-sport music class over-program featuring professional singers and popular broadcasters, which received positive audience feedback and expanded our content reach.

線下活動與線上互動結合，形成了農產品、大宗傳統、購物、娛樂等場景的融合。這檔娛樂節目的收視率堪比一些頂級電競內容。此外，我們推出了競技真·歌手《自然》，這是一檔由專業歌手和熱門主播聯袂打造的電競音樂類綜藝節目，獲得了觀眾的積極反饋，擴大了我們的內容覆蓋範圍。

As we entered the second quarter, we kick off our self-organized Dota 2 tournament, the Immortal Cup in early May. This event featuring top-rate entire professional Dota 2 players has already attracted great attention. We will also introduce several large-scale events produced in-house in the coming months, including an offline e-sports music festival and a top-tier veteran tournament.

進入第二季度，我們自辦的Dota2錦標賽－不朽杯將於5月初拉開序幕。這場匯聚了全場頂尖職業Dota2選手的賽事已經引起了極大的關注。我們還將在未來幾個月推出幾場內部製作的大型活動，包括線下電競音樂節和頂級老將錦標賽。

Turning to product upgrades under our AI plus live streaming strategy, we are exploring the integration of AI capabilities in our e-sports experience. At the Legend Cup Season 3, we leveraged end-to-end AI's solution to transform the viewing experience and introduce Hu Xiaoyi, a pioneering or scenario AI agent for e-sports viewing as a smart viewing companion for our users.

談到我們AI加直播策略下的產品升級，我們正在探索將AI功能融入我們的電競體驗。在傳奇杯第三季比賽中，我們利用端到端AI解決方案來改變觀看體驗，並引入了電競賽的先鋒場景AI代理“胡小翼”，作為我們用戶的智能觀賽夥伴。

Hu Xiaoyi acts as a strategy my pro-scope in the pre-match team formatting phase, analyzing team's champion pool capability with data driven in size, which transforms team captains' decision-making from experience-based to visual strategy, simulation-based during the image, then, and peak phase Hu Xiaoyi becomes a technical profit generating real-time counter-strategy hit maps that over-viewers a deep dive into professional players' technical decision in post-match analysis and engagement.

胡小毅在賽前排兵布陣階段扮演職業視野的策略師，透過數據驅動分析隊伍的英雄池能力，將隊長的決策從基於經驗的策略轉變為基於視覺策略、基於模擬的策略，在巔峰階段，胡小毅成為產生技術收益的實時反制策略擊中地圖，讓觀眾在賽後的分析和參與中深入了解職業選手的技術決策。

Hu Xiaoyi acts a professional e-sports coach, rapidly producing highlights, reels, and injecting humor into post-match analysis with meme-built MVP reviewers in elevating the entertainment value of e-sports content. Hu Xiaoyi can understand the game where e-sports dynamic and provide live commentary throughout tournaments, engaging users with a viewing companion that is both tactical and entertaining.

胡曉義飾演一位專業的電競教練，快速製作精彩片段、花絮，並在賽後分析中註入幽默元素，與表情包構建的 MVP 評論員一起提升電競內容的娛樂價值。胡曉義能夠了解電競比賽的動態，並在整個比賽中提供現場評論，為用戶提供既有戰術性又有娛樂性的觀看伴侶。

Our statistic shows that, as of early May, over 300,000 bullet chat were generated during the Legend Cup season 3, with approximately 17% of them related to interactive discussions initiated by Hu Xiaoyi. This demonstrate a substantial leap in the viewing experience, with fan actively engaging with the content in the more immersive and interactive way.

根據統計，截至5月初，傳奇盃第三季共產生超過30萬條彈幕，其中約17%的彈幕互動討論由胡曉義發起。這表明觀看體驗有了實質的飛躍，粉絲可以以更具沉浸感和互動性的方式積極參與內容。

We are encouraged by this initial results, and we will continue to advance our AI driven initiatives under our AI plus live streaming strategy. By applying AI models throughout the entire cycle of live streaming content production, distribution, and consumption, we aim to create long-term value for we are in live streaming, e-sports and other areas.

這項初步成果令我們感到鼓舞，我們將繼續在人工智慧加直播策略下推動人工智慧驅動的舉措。透過將AI模型應用於直播內容生產、分發、消費的整個週期，我們旨在為直播、電子競技等領域創造長期價值。

In summary, we believe that our targeted progress across various business segment in the first quarter has laid a solid foundation for our development throughout the year. We will continue to enhance and expand our game content and service platform and explore new commercial opportunities moving towards a more diversified and sustainable business model that delivers values to our users and stakeholders alike. With that, I will now turn the call over to our Acting Co-CEO and CFO Raymond Lei. He will share more details on our results. Raymond, please go ahead.

綜上所述，我們認為一季度各項業務所取得的預期進展，為全年發展奠定了堅實的基礎。我們將繼續增強和擴展我們的遊戲內容和服務平台，探索新的商業機會，朝著更多樣化和永續的商業模式邁進，為我們的用戶和利害關係人創造價值。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成果的細節。雷蒙德，請繼續。

Thank you, Vincent and hello, everyone. I will start with an overview of our financial performance. In the first quarter of this year, our total net revenues stabilized year-over-year after previous declines driven by the year-over-year growth in gaming-related services, advertising, and other businesses. Notably, live streaming revenues saw a slight sequential increase this quarter, contributing to a marginal sequential improvement in our total net revenues. The number of paying users in the first quarter remained flat year-over-year, standing at 4.4 million, excluding those who made in-game purchases through our game distribution business, but didn't pay via our platform or related services.

謝謝你，文森特，大家好。我將首先概述我們的財務表現。今年第一季度，受遊戲相關服務、廣告和其他業務同比增長的推動，我們的總淨收入在之前出現下滑之後，同比趨於穩定。值得注意的是，本季直播收入較上季略有成長，帶動我們的總淨收入較上季略有改善。第一季付費用戶數量與去年同期持平，為 440 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。

On the cost side, we continue to optimize content costs, particularly those related e-sport tournaments, but increased incentives for broad customers to participate in live streaming and provide gaming-related services during the live streaming industries of season around Chinese New Year resulting in a gross margin of 12.5% for the quarter. Furthermore, despite the substantial decrease in interest income compared with the previous periods, primarily due to our dividend payments, we still achieve the positive net income for the quarter, with non-GAAP income of RMB24 million.

成本方面，我們持續優化內容成本，特別是與電競賽事相關的成本，但在春節前後的直播行業旺季，加大對廣大客戶參與直播、提供遊戲相關服務的激勵，使本季度毛利率達到12.5%。此外，儘管利息收入與前期相比大幅下降，這主要歸因於我們支付了股息，但本季度我們仍然實現了正淨收入，非公認會計準則收入為人民幣 2,400 萬元。

Let's move on to more details of our Q1 financial results. Our total net revenues were RMB1.51 billion for Q1 compared with RMB1.5 billion for the same period last year. Live streaming revenues were RMB1.14 billion for Q1 compared with RMB1.26 billion for the same period last year, primarily due to the continued impact of the macroeconomic and the industry environment.

讓我們繼續了解第一季財務業績的更多細節。我們第一季的總淨收入為人民幣15.1億元，去年同期為15億元人民幣。第一季直播收入為11.4億元人民幣，去年同期為12.6億元人民幣，主要由於宏觀經濟和產業環境的持續影響。

Gamer-related services, advertising and other revenues were RMB370 million for Q1 compared with RMB244 million for the same period last year. The increase was primarily due to higher revenues from gamer-related services, which were mainly attributable to our depend cooperation with Tencent and other game companies, partially offset by a decreased advertising revenues.

第一季遊戲相關服務、廣告及其他收入為 3.7 億元，去年同期為 2.44 億元。成長主要由於遊戲玩家相關服務收入增加，這主要歸因於我們與騰訊和其他遊戲公司的依賴合作，但廣告收入的減少部分抵消了這一增長。

Costs of revenues increased by 3% to RMB1.32 billion for Q1 primarily due to increased revenue share fees and content costs. Partially offset by decreased bandwidth and the server-custody fees. Revenue sharing fees and the content costs are a key component of the cost of revenues increased by 4% to RMB1.17 billion for Q1, primarily due to increased broad-customer-related costs partially offset by lower costs related to licensed e-sport content and the in-house produced content.

第一季收入成本增加 3% 至 13.2 億元，主要原因是收入分成費和內容成本增加。部分被頻寬減少和伺服器託管費用所抵消。收入分成費和內容成本是收入成本的關鍵組成部分，第一季收入成本增加了 4%，達到人民幣 11.7 億元，這主要是由於廣發客戶相關成本的增加，但授權電競內容和內部製作內容相關成本的降低部分抵消了這一增加。

Gross profit was RMB188 million for Q1 compared with RMB221 million for the same period last year. Gross margin was 12.5% for Q1 compared with 14.7% for the same period last year, primarily attributable to increased revenue share fees and the content costs as a percentage of total net revenues. Excluding share-based compensation expenses, non-GAAP gross profit was RMB192 million and the non-GAAP gross margin was 12.7% for Q1.

第一季毛利為人民幣1.88億元，去年同期為人民幣2.21億元。第一季毛利率為 12.5%，而去年同期為 14.7%，主要原因是收入分成費用增加以及內容成本佔總淨收入的百分比增加。不計股權報酬費用，第一季非美國通用會計準則毛利為1.92億元人民幣，非美國通用會計準則毛利率為12.7%。

Research and development expenses decreased by 4% year-over-year to RMB130 million for Q1, primarily due to decreased personnel related expenses and share-based compensation expenses. Sales and marketing expenses decreased by 20% year-over-year to RMB61 million for Q1, primarily due to decreased marketing and promotion fees as well as personnel related expenses.

第一季研發費用年減4%至人民幣1.3億元，主要由於人員相關費用和股權激勵費用減少。第一季銷售及行銷費用較去年同期下降20%至6,100萬元人民幣，主要由於行銷及推廣費用以及人員相關費用的減少。

General and administrative expenses increased by 2% year-over-year to RMB61 million for Q1, primarily due to higher share-based compensation expenses. Other income was RMB4 million for Q1 compared with RMB12 million for the same period last year, primarily due to lower government subsidies. As a result, operating loss was RMB60 million for Q1 compared with a loss of RMB39 million for the same period last year.

第一季度，一般及行政開支年增 2% 至 6,100 萬元人民幣，主要由於股權激勵費用增加。第一季其他收入為人民幣 400 萬元，去年同期為 1,200 萬元，主要原因是政府補貼減少。因此，第一季營業虧損為6,000萬元人民幣，而去年同期的虧損為3,900萬元。

Excluding share-based compensation expenses and amortization of intangible assets from business acquisition, non-GAAP operating loss was RMB36 million for Q1 compared with a loss of RMB16 million for the same period last year. Non-GAAP operating margin was negative 2.4% for Q1. Interest income was RMB65 million for Q1 compared with RMB117 million for the same period last year, primarily due to a lower time deposit balance which was primarily attributable to the special cash dividend paid in May and October 2024.

不計股權報酬費用及業務收購產生的無形資產攤銷，第一季非美國通用會計準則營業虧損為3,600萬元人民幣，去年同期營業虧損為1,600萬元。第一季非公認會計準則營業利益率為-2.4%。第一季利息收入為人民幣 6,500 萬元，而去年同期為人民幣 1.17 億元，主要由於定期存款餘額減少，而這主要歸因於 2024 年 5 月和 10 月支付的特別現金股息。

Net income attributable to HUYA, Inc. was RMB1 million for Q1 compared with RMB71 million for the same period last year. Excluding share-based compensation expenses and amortization of intangible assets from business acquisition, net of income taxes, non-GAAP net income attributable to HUYA, Inc. was RMB24 million for Q1 compared with RMB92 million for the same period last year. Non-GAAP net margin was 1.6% for Q1. Diluted net loss per ADS was approximately 0 RMBfor Q1. Non-GAAP diluted net income per ADS was RMB0.10 for Q1. As of March 31, 2025, the company had cash and cash equivalents, short-term deposit and long-term deposit of RMB6.25 billion compared with RMB6.73 billion as of December 31, 2024.

第一季歸屬於虎牙公司的淨利為人民幣 100 萬元，去年同期為 7,100 萬元人民幣。不計股權報酬費用及業務收購產生的無形資產攤銷，扣除所得稅後，第一季歸屬於虎牙的非美國通用會計準則淨利潤為人民幣 2,400 萬元，而去年同期為人民幣 9,200 萬元。第一季非公認會計準則淨利率為 1.6%。第一季每股美國存託憑證攤薄淨虧損約0元人民幣。第一季非美國通用會計準則每股美國存託憑證攤薄淨利0.10元人民幣。截至 2025 年 3 月 31 日，本公司現金及現金等價物、短期存款及長期存款為人民幣 62.5 億元，而截至 2024 年 12 月 31 日為 67.3 億元。

Finally, let me provide an update on our shareholder returns. Through our up to US $100 million share repurchase program, we had repurchased 21 million HUYA shares with a total aggregate consideration of USD69.8 million as of the end of March 2025. Looking ahead, we will remain committed to reinforce our business and operational foundations and returning value to our shareholders through dividends and share repurchase. With that, I'd like to open the call to your questions.

最後，讓我提供有關我們股東回報的最新情況。透過我們高達 1 億美元的股票回購計劃，截至 2025 年 3 月底，我們已回購了 2,100 萬股虎牙股票，總對價為 6,980 萬美元。展望未來，我們將繼續致力於加強我們的業務和營運基礎，並透過股利和股票回購為股東帶來回報。現在，我想開始回答你們的問題。

(Operator Instructions)

（操作員指示）

Nelson Cheung from Citibank

花旗銀行的 Nelson Cheung

Let me translate myself into English. Thanks management for taking my questions and congratulations for HUYA with a solid quarter in first quarter and with a solid year-on-year growth for game-related revenues in first quarter. Wondering if management could elaborate more on the business outlook and prospects for this time? Thank you.

讓我把自己翻譯成英文。感謝管理層回答我的問題，並祝賀虎牙第一季業績穩健，且第一季遊戲相關營收年增至穩健成長。想知道管理階層是否可以詳細說明這次的業務前景和前景？謝謝。

In the first quarter, HUYA's game-related services, advertising, and other revenues reached 370 million, representing a year-over-year increase of 52.1%. This growth was primarily driven by the increase in game-related services revenues, partially offset by a year-over-year decline in brand advertising revenues. The decrease in brand advertising revenues was primarily due to fewer tournaments and promotional activities during Q1 this year, as well as the high base effect from major new game launches in the same period from last year.

第一季度，虎牙遊戲相關服務、廣告及其他收入達3.7億，較去年同期成長52.1%。這一成長主要得益於遊戲相關服務收入的成長，但卻被品牌廣告收入的年減部分抵銷。品牌廣告收入的下降主要由於今年第一季賽事和促銷活動的減少，以及去年同期主要新遊戲發布的基數效應較高。

It is worth noting that since our game distribution and in-game item sales revenue is primarily recognized on a net basis after revenue sharing with game companies. The total transaction value of our game-related services is significantly higher than our reported revenue.

值得注意的是，由於我們的遊戲發行及遊戲內物品銷售收入主要以與遊戲公司分成後的淨額確認。我們的遊戲相關服務的總交易價值明顯高於我們報告的收入。

Specifically, in terms of domestic game distribution, despite limited major newer game launches in the market this year, we proactively deepened our engagement with existing games. Through cooperation with game studios and refined operational strategies, we continued to unlock the consumption potential of high commercial value user groups that have naturally congregated within our game live streaming ecosystem, forming a more stable and balanced foundation for our game distribution business.

具體而言，在國內遊戲發行方面，儘管今年市場上推出的大型新遊戲有限，但我們積極深化對現有遊戲的參與。透過與遊戲工作室的合作以及精細化的營運策略，我們繼續釋放遊戲直播生態系統中自然聚集的高商業價值用戶群的消費潛力，為我們的遊戲發行業務形成了更加穩定、均衡的基礎。

In the first quarter, the total gross revenue generated through HUYA's game distribution channel more than doubled year-over-year and increased quarter-over-quarter. In particular, thanks to various game events during the Spring Festival, several titles including QQ Speed Mobile, Peacekeeper Elite, Delta Force, and League of Legends Mobile recorded significant increases in gross revenue through the HUYA channel, with each growing more than 50% compared to the fourth quarter of last year. Additionally, games from new partners that we collaborated with also performed well. These results underscore our extensive capabilities in operations and game promotions.

第一季度，虎牙遊戲發行通路總營收年增一倍以上，季增。尤其受惠於春節期間各項遊戲活動的開展，《QQ飛車手遊》、《和平精英》、《三角洲特種部隊》、《英雄聯盟手遊》等多款遊戲在虎牙渠道的流水大幅增長，環比增長均超過50%。此外，與我們合作的新合作夥伴的遊戲也表現良好。這些結果凸顯了我們在營運和遊戲推廣方面的廣泛能力。

As we continue to solidify our position as a game distribution and marketing channel, we plan to enhance our exploration of game agency publishing, including exclusive distribution models, to further expand our business. We also look forward to capturing opportunities as more new games launch in the market. For in-game item sales, we are consistently expanding our in-game item SKU offerings while enhancing our platform's sales channels and also purchasing experiences, leading to a record high in GMV for in-game item sales in the first quarter. As in-game item sales scale up, they are also benefiting our streamer's ecosystem, with more game broadcasters generating better commercial income from in-game item sales.

隨著我們不斷鞏固作為遊戲發行和行銷管道的地位，我們計劃加強對遊戲代理發行的探索，包括獨家發行模式，以進一步擴大我們的業務。隨著更多新遊戲在市場上推出，我們也期待抓住機會。對於遊戲內物品銷售，我們不斷擴大遊戲內物品SKU供應，同時增強我們平台的銷售管道和購買體驗，導致第一季遊戲內物品銷售GMV創下歷史新高。隨著遊戲內物品銷售規模的擴大，它們也使我們的主播生態系統受益，更多的遊戲主播從遊戲內物品銷售中獲得更好的商業收入。

In addition to live channels and the mall session, our community section has emerged as an effective access point for in-game item sales. In early April, we successfully sold an exclusive game skin for a renowned Honor of Kings e-sports player. Beyond the buzz generated by the skin's initial release session, the player continued its effective engagement within the community. It has also attracted many users to purchase through this channel, making it the second largest sales channel for the skin in our platform.

除了直播頻道和商城環節外，我們的社群部分已成為遊戲內物品銷售的有效存取點。4月初，我們成功售出某知名王者榮耀選手的專屬遊戲造型。除了皮膚首次發佈時引起的轟動之外，玩家還繼續在社區內進行有效互動。也吸引了眾多用戶透過此管道購買，成為我們平台此款皮膚的第二大銷售管道。

With the number of purchases more than 60% higher than the previous similar exclusive skin activities. As users who are active in our community section tend to be more hardcore gamers, we believe that there is great potential to expand our customer base for in-game item purchases and improve repeating purchase rates.

購買量比以往同類專屬護膚活動高出60%以上。由於我們社群部分的活躍用戶往往是鐵桿遊戲玩家，我們相信擴大遊戲內物品購買的客戶群並提高重複購買率的潛力巨大。

While maintaining a strong focus on our domestic market, we have begun to actively explore and enhance our game-related commercialization capabilities in overseas markets, particularly through our global mobile application services platform, to better leverage the commercial value of our content and user traffic. In addition to our existing app promotion and live streaming services in overseas markets, we are developing diverse business models, including game distribution, in-game item sales, regional exclusive distribution, and game advertising services.

在持續聚焦國內市場的同時，我們開始積極探索並提升海外市場的遊戲商業化能力，特別是透過我們的全球行動應用服務平台，更好地發揮內容和用戶流量的商業價值。除了現有的海外市場應用推廣及直播服務外，我們還在開發遊戲發行、遊戲內道具銷售、區域獨家發行、遊戲廣告服務等多樣化的商業模式。

We are strengthening our partnerships with Chinese game companies that are expanding overseas, as well as local firms. At the same time, we have launched operational activities tailored to each game's characteristics and key events. Furthermore, we are enhancing localized game promotion by collaborating with local broadcasters on our overseas game live streaming platform.

我們正在加強與正在向海外擴張的中國遊戲公司以及本地公司的合作夥伴關係。同時，我們針對每款遊戲的特色和重點賽事推出了相應的營運活動。此外，我們也透過與海外遊戲直播平台的本地廣播公司合作，加強在地化遊戲推廣。

These emerging initiatives are demonstrating promising growth, with our overseas game-related services delivering multi-fold revenue growth in the first quarter. Given current business trajectory and market outlook, we are confident that by expanding our overseas user coverage and business scale, our overseas game-related commercialization business has the potential to become one of the company's important growth engines.

這些新興舉措顯示出良好的成長勢頭，我們的海外遊戲相關服務在第一季實現了數倍的收入成長。鑑於目前的業務發展軌跡和市場前景，我們相信，透過擴大海外用戶覆蓋範圍和業務規模，我們的海外遊戲相關商業化業務有可能成為公司重要的成長引擎之一。

Ritchie Sun from HSBC

匯豐銀行的 Ritchie Sun

Thank you, management for taking my questions. I have two questions. First of all, can management comment on the outlook, second quarter outlook and full-year outlook for the revenue? Second of all, given the geopolitical tensions and there have been some risks around -- can management comment on how do we plan to address this risk?

謝謝管理層回答我的問題。我有兩個問題。首先，管理層能否對收入前景、第二季前景和全年前景發表評論？其次，鑑於地緣政治緊張局勢和存在的一些風險——管理層能否評論一下我們計劃如何應對這種風險？

Thank you for your questions. With regard to the first question, in the first quarter, HUYA's total net revenue increased slightly quarter-over-quarter to approximately 1.51 billion. Thanks to the year-over-year growth in game-related services, advertising and other businesses, our total net revenue has stabilized year-over-year after previous declines. This also reflects the steady progress of our strategic business transformation and the company's execution capabilities.

感謝您的提問。關於第一個問題，第一季度，虎牙總淨營收季比小幅成長至約15.1億。由於遊戲相關服務、廣告等業務的同比增長，我們的總淨收入在此前下滑之後已同比穩步。這也體現了我們策略性業務轉型的穩定推進和公司的執行能力。

Based on what we are currently seeing, we expect that our total revenue has essentially bottomed out. On one hand, as the marginal year-over-year impact from economic and industry conditions weakens, and as we continue to optimize our live-streaming operations and enhance our user interaction features, live-streaming revenues are expected to stabilize.

根據我們目前看到的情況，我們預計我們的總收入已基本觸底。一方面，隨著經濟和產業狀況的邊際同比影響減弱，以及我們不斷優化直播營運、增強用戶互動功能，預期直播收入將趨於穩定。

On the other hand, we anticipate that game-related services, advertising, and other business revenues will achieve relatively fast year-over-year growth this year. Particularly on the foundation of continued growth in domestic game-related services and advertising business, the enhancement of overseas game commercialization is also expected to become another future growth engine. Therefore, based on the current business situation, we expect HUYA's total revenue to achieve the growth this year.

另一方面，我們預計今年遊戲相關服務、廣告和其他業務收入將實現較快的年成長。特別是在國內遊戲相關服務及廣告業務持續成長的基礎上，海外遊戲商業化的提升也有望成為未來的另一個成長動力。因此，基於目前的經營狀況，我們預計虎牙今年的總收入將實現成長。

The company continuously monitors US listing regulations and regulatory requirements, and is committed to fulfilling the responsibilities and obligations of the public company. Facing a constantly changing international situation and global economic trends, we closely monitor potential impacts that changes in the external environment may have on capital markets. To the company's knowledge regarding the first data listing risks for US-listed China-based companies, recently reported by the media, the US government has not yet issued new formal regulations.

公司持續關注美國上市法規和監管要求，致力於履行上市公司的責任和義務。面對瞬息萬變的國際情勢和全球經濟趨勢，我們密切關注外部環境變化可能對資本市場的影響。據公司了解，針對近期媒體通報的在美上市中概股首次數據​​上市風險，美國政府尚未推出新的正式規定。

We will continue to monitor this situation. Meanwhile, the company is also prudently assessing potential risks and actively exploring corresponding situations, including evaluating opportunities in other capital markets. As we have always emphasized, HUYA consistently values and is committed to protecting investors' interests. If there is any material information, the company will make timely announcements in strict accordance with relevant requirements and fulfill its disclosure obligations.

我們將繼續監視此情況。同時，公司也在審慎評估潛在風險，積極探索相應情況，包括評估其他資本市場的機會。正如我們一直強調的那樣，虎亞始終重視並致力於保護投資者的利益。如有重大消息，公司將嚴格按照相關要求及時公告，履行資訊揭露義務。

Yanyan Xiao from CICC

中金公司肖燕燕

I will translate myself. Thanks management for taking my question. My question is how should we estimate the company's future profit trend? Thank you.

我會自己翻譯。感謝管理層回答我的問題。我的問題是，我們該如何估計公司未來的獲利趨勢？謝謝。

This quarter, we continue to optimize costs related to e-sports content, but increased incentives for broadcasters to encourage the streaming and participation in providing game-related services during the Spring Festival's quiet season. Additionally, we have higher margin brand advertising revenue decline both year-over-year and quarter-over-quarter due to seasonal weakness and the high base effect from last year. As a result, our gross margin this quarter decreased slightly compared to the same period last year, but increased quarter-over-quarter to 12.5%. Despite significantly lower interest income due to dividend payments, we still achieved a positive net income for the quarter with non-GAAP net income reaching 24 million.

本季度，我們繼續優化與電競內容相關的成本，但增加了對廣播公司的激勵措施，以鼓勵串流媒體和參與在春節淡季提供與遊戲相關的服務。此外，由於季節性疲軟和去年的高基數效應，我們的高利潤品牌廣告收入較去年同期和季減。因此，本季我們的毛利率與去年同期相比略有下降，但季增至 12.5%。儘管由於股息支付導致利息收入大幅下降，但本季度我們仍然實現了正淨收入，非公認會計準則淨收入達到 2,400 萬美元。

Regarding future profit trends, considering that our shareholder return measures will result in reduced cash surplus on our balance sheet coupled with factors such as declining market interest rates, this year's interest rate income, especially in the second half of the year, will be significantly lower than the same period in 2024. Therefore, this year's bottom line performance will rely more on the improvements in the company's operational results.

對於未來的獲利趨勢，考慮到我們的股東回報措施將導致我們資產負債表上的現金盈餘減少，再加上市場利率下降等因素，今年的利率收入，尤其是下半年的利率收入將明顯低於2024年同期。因此，今年的獲利表現將更依賴公司經營績效的改善。

Specifically, on the cost and expenses side, we will moderately increase investment in self-produced content, which will also benefit the commercialization of development of game-related services, advertising, and other business. At the same time, we expect further improvements in copyright content costs in the future. Profit performance will also be affected to some extent by changes in overall revenue scales and structure. Overall, we expect that the company's non-GAAP operating results will show notable improvement this year.

具體來說，在成本費用方面，我們會適度增加對自製內容的投入，這也有助於遊戲相關服務、廣告等業務的商業化發展。同時，我們預期未來版權內容成本將進一步改善。整體收入規模和結構的變化也會對利潤表現造成一定影響。總體而言，我們預計該公司今年的非公認會計準則經營業績將出現明顯改善。

Thank you. That's all for our Q&A session today. Thank you once again for joining us today. If you have further questions, please feel free to contact HUYA Investor Relations through the contact information provided on our website or PS&T Financial Communications. This concludes today's call, and we look forward to speaking to you again next quarter. Thank you.

謝謝。這就是我們今天問答環節的全部內容。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 PS&T Financial Communications 上提供的聯絡資訊聯絡 HUYA 投資者關係部。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。