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    Fuk Lung Cheung • Citigroup

    Fuk Lung Cheung's questions to HUYA Inc (HUYA) leadership

    Fuk Lung Cheung's questions to HUYA Inc (HUYA) leadership • Q1 2025

    Question

    Fuk Lung Cheung of CITIC Securities inquired about the business outlook and future prospects for HUYA's game-related services segment, following its strong performance in the first quarter.

    Answer

    Junhong Huang, Acting Co-CEO and SVP, explained that game-related services, advertising, and other revenues grew 52.1% year-over-year, driven by game services. He noted that since revenue is recognized on a net basis, the total transaction value is significantly higher. Mr. Huang highlighted that domestic game distribution gross receipts more than doubled year-over-year, in-game item sales hit a record GMV, and overseas game-related services are showing promising multi-fold sequential growth, positioning them as a key future growth engine.

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    Fuk Lung Cheung's questions to HUYA Inc (HUYA) leadership • Q4 2024

    Question

    Fuk Lung (Nelson) Cheung of Citigroup inquired about the outlook and growth drivers for the 'other revenue' segment, especially game-related services, following its strong performance in 2024.

    Answer

    Junhong Huang, Acting Co-CEO and SVP, stated that while Q4 saw a seasonal dip, the segment's revenue nearly doubled year-over-year. Growth is driven by enhanced game distribution, where Huya is a primary channel for some titles, and increased in-game item sales. Sponsorship revenue for self-organized tournaments also grew significantly. For 2025, Huya will continue this commercial transformation, refine existing operations, and explore exclusive distribution models with game developers, though performance remains tied to industry seasonality.

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    Fuk Lung Cheung's questions to HUYA Inc (HUYA) leadership • Q3 2024

    Question

    Fuk Lung Cheung inquired about the Q3 and Q4 performance of HUYA's game-related services, the development plan for this business in 2025, and its competitive advantages.

    Answer

    Executive Junhong Huang explained that game-related services revenue grew 209.3% year-over-year to RMB 410 million, representing a record 26.7% of total revenue. He highlighted that game distribution is the largest component, with gross receipts up over 20x YoY, and a single in-game item sales event generated over RMB 50 million. Key advantages cited include a high-quality user base, active broadcaster participation, strong developer partnerships, and an expanding content ecosystem reaching over 140 million users. He also noted the business is subject to the gaming industry's seasonality.

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