HUYA Q1 2025 Earnings Call Transcript

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May 13, 2025
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Operator

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. Junping Huang, our acting co CEO and the senior vice president and Ms. Raymond Peng Lei, our acting Co CEO and CFO. Management will begin with prepared remarks and the call will conclude with a Q and A session. Before we continue, please note that today's discussion will contain forward looking statements made under the Safe Harbor provisions of The U. S. Private Securities Litigation Reform Act of 1995.

Operator

Forward looking statements involve inherent risks and uncertainties. As such, the company's results may be materially different from the views expressed today. Further information regarding these and other risks and uncertainties is included in the company's prospectus and other public filings as filed with the U. S. Securities and Exchange Commission.

Operator

The company does not assume any obligation to update any forward looking statements except as required of applicable law. Please also note that earnings press release and this conference call include discussions 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 our call over to our co CEO and SVP, mister Huang. Please go ahead.

Junhong Huang
Junhong Huang
Acting Co-CEO, Senior VP & Director at HUYA

Okay. Hello, everyone. Thank you for joining our earning conference today. In the first quarter of twenty twenty five, we asked total net revenues stabilized year over year and grew quarter over quarter to 1,510,000,000.00. This was supported by our steady execution of our strategic business transformation, which drove 52.1% year over year increase in game related services, advertising and other revenue to RMB $370,000,000.

Junhong Huang
Junhong Huang
Acting Co-CEO, Senior VP & Director at HUYA

This segment accounted for 24.6% of total net revenues, up from 16.2% in the same period last year. We were also pleased to deliver a net profit this quarter. Meanwhile, we continue to strengthen our live streaming content ecosystem, deepen collaborations with game companies and content platforms, and explore the integration of AI capabilities in our esports experiences, laying a solid foundation for future development. Now let me share the details of our recent business progress, starting with our business transformation. As I just mentioned, our game related services, advertising, and other revenues reached RMB 370,000,000,000 this quarter.

Junhong Huang
Junhong Huang
Acting Co-CEO, Senior VP & Director at HUYA

It's worth noting that revenues from game distribution and in game item sales are primarily recognized on net basis after revenue sharing with game companies. As such, the total transaction value of our game related services mainly comprised of the gross receipts generated through our game distribution channel and the GMV for our in game item sales is actually much higher than our reported revenue. 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 game 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 within our game live streaming ecosystem, We achieved a solid and more balanced game distribution performance.

Junhong Huang
Junhong Huang
Acting Co-CEO, Senior VP & Director at HUYA

Total gross receipts generated through Huya's 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 receipt through the Huya channel, which is growing more than 50% compared to the fourth quarter of last year. Several games we distributed from new partners also performed well as we continue to collaborate with additional game companies. These 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 exclusive distribution model to advance our progress.

Junhong Huang
Junhong Huang
Acting Co-CEO, Senior VP & Director at HUYA

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 com competitions such as League of Legends, LPL, and oh, sorry. Okay. Yeah. So benefiting our broadcaster ecosystem was game broadcaster generating more income from in game item sales.

Junhong Huang
Junhong Huang
Acting Co-CEO, Senior VP & Director at HUYA

In addition to live channels and the more section, our community section has emerged as an access point for in game item sales. In early April, we successfully showed an inclusive game skin for popular esport player from on off kings. Beyond the bars generated by the skin's initial release live streaming section. These players continue engagement within the 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 exclusive schemes activities. As users who are active in our community section tend to be more hardcore gamers, we believe that there is there is great potential within this section to expand our customer base for in game item purchase and improve repeat purchase rate.

Junhong Huang
Junhong Huang
Acting Co-CEO, Senior VP & Director at HUYA

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 caused our advertising revenue to decline year over year and quarter over quarter. On the other hand, at the end of last year, we upgraded the presentation format for live channels on the we are live apps, creating more efficient performance based advertising scenario to strengthen our advertising business. 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. 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 exclusive distribution, and game advertising services. We are strengthening our partnership with Chinese game company that are expanding overseas as well as local firms.

Junhong Huang
Junhong Huang
Acting Co-CEO, Senior VP & Director at HUYA

As of the first two 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. 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 a 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.

Junhong Huang
Junhong Huang
Acting Co-CEO, Senior VP & Director at HUYA

Next, our professional content enrichment efforts. We continue to solidify our leading position in licensed esports 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, cross bias CFPL, counterstrike choose EPL season twenty one, veterans, VCT Bangkok masters, and peacekeeper, A list EPEL. This diverse line applicators to the viewing needs of a wide range of esports in. Our internal data indicates that we ask market share in esports broadcasting continue to improve this quarter, reinforcing our position at the top top game live streaming platform for watching esports tournaments.

Junhong Huang
Junhong Huang
Acting Co-CEO, Senior VP & Director at HUYA

We are also consistently innovating diverse in house produced content and broadcast approximately 25 self organized esports tournament and entertainment PGC show this quarter. Our highly anticipated Huya League of Legend, Legend Cup series three commenced at the March and is still underway. Building on the success of the previous two Edison, we upgraded this event with the establishment of dual competition Jones in China and South Korea, enhancing the competitive pace and match excitement. The Legend Cup seasons three has also partnered with the comprehensive international eSports event serving as the Asia Championship Leagues LOL two tournament, a key concubation that underscores we are professional influence in esports. During the first quarter, Lantern Festival, we launched our pig and chicken cage cage cages swim swimming challenge developed in collaboration with a well known television network.

Junhong Huang
Junhong Huang
Acting Co-CEO, Senior VP & Director at HUYA

Through offline activities integrated with online interaction and a blend of themes across agricultural products, both trend traditions, shopping, and entertainment. This entertainment program attracted viewership comparable to some top tier esports content. In addition, we introduced comparing to the end singer's series and esport music crossover prep program featuring professional singers and popular broadcasters, which received positive audience feedback and expanded our content reach. As we entered the second quarter, we kick off our self organized DOTA two tournament, the Immortal Cup in early May. This event featuring top retired professional DOTA two players has already attracted great and attention.

Junhong Huang
Junhong Huang
Acting Co-CEO, Senior VP & Director at HUYA

We will also introduce several large scale events produced in house in the coming months, including an offline esports music festival and a top tier veteran tournament. Turning to product upgrades. Under our AI plus live streaming strategy, we are exploring the integration of AI capabilities in our esports experience. At the at the at the Legend Cup series three, we leverage end to end AI solution to transform the viewing experience and introduce Huya, Hu Xiao I, pioneering our scenario AI agent for esports viewing as a smart viewing companion for our users. Who shall I ask strategy my full scope in the pre match team formatting phase, analyzing team's champion pool capability with data driven insights, which transforms team captain's decision making from experience based to visual strategy simulation based.

Junhong Huang
Junhong Huang
Acting Co-CEO, Senior VP & Director at HUYA

During the match, van, and peak phase, Uxiai becomes a tactical profit generating real time counter strategy heat maps that offer viewers a deep dive into professional players' tactical decision. In post match analysis and engagement, Xu Xiaoyi, a professional esports coach, rapidly producing highlights reels and injecting humor into post match analysis with meme field MVP reviews in elevating the entertainment value of esports content. Who shall I can understand the game, raise esports dynamic, and provide live commentary throughout the tournament, engaging users with a viewing companion that is both tactical and entertaining. Our statistics show that as of early May, over 300,000 bullet chat were generated during the division cup series three with approximately 17% of them related to interactive discussions initiative by. This demonstrate a substantial substantial leap in the viewing experience with fan actively engaging with the content in a more immersive and interactive way.

Junhong Huang
Junhong Huang
Acting Co-CEO, Senior VP & Director at HUYA

We are encouraged by this initial results, and we'll 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, esports, and other areas. In summary, we believe that our positive 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 deliver values to our users and stakeholders alike.

Junhong Huang
Junhong Huang
Acting Co-CEO, Senior VP & Director at HUYA

With that, I will now turn the call over to our acting co CEO and CFO, Raymond Bay. He will share more more details on our results. Raymond, please go ahead.

Raymond Lei
Raymond Lei
Acting Co-CEO & CFO at HUYA

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 4,400,000, excluding those who made in game purchases through our game distribution business but didn't pay via our platform or related services. On the cost side, we continued to optimize content costs, particularly those related to esport tournaments, but the increased incentives for broadcasters to participate in live streaming and provide the gaming related services during the live streaming industries off season around Chinese New Year, resulting in a gross margin of 12.5% for the quarter. Furthermore, despite a substantial decrease in interest income compared with the previous periods, Primarily due to our dividend payments, we still achieved a positive net income for the quarter with non GAAP income of RMB24 million. 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 RMB 1,260,000,000.00 for the same period last year, primarily due to the continued impact of the macroeconomic and the industry environment.

Raymond Lei
Raymond Lei
Acting Co-CEO & CFO at HUYA

Game related services, advertising, and the other business and the other revenues were RMB 370,000,000 for q one compared with RMB 244,000,000 for the same period last year. The increase was primarily due to higher revenues from gaming related services, which were mainly attributable to our deepened cooperation with Tencent and other game companies, partially offset by decreased advertising revenues. Cost of revenues increased by 3% to RMB 1,320,000,000.00 for q one, primarily due to increased revenue sharing fees and the content costs, partially offset by decreased bandwidth and the server custody fees. Revenue sharing fees and the content costs, a key component of cost of revenues, increased by 4% to RMB1.17 billion for Q1, primarily due to increased broad customers related costs, partially offset by lower costs related to license eSports content and the in house produced content. Gross profit was RMB 188,000,000 for q one compared with RMB221 million for the same period last year.

Raymond Lei
Raymond Lei
Acting Co-CEO & CFO at HUYA

Gross margin was 12.5% for Q1 compared with 14.7% for the same period last year, primarily attributable to increased revenue sharing fees and the content cost 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. Research and development expenses decreased by 4% year over year to RMB130 million for Q1, primarily due to decreased personnel related expenses and the share based compensation expenses. Sales and the marketing expenses decreased by 20% year over year to RMB61 million for Q1, primarily due to decreased marketing and the promotion fees as well as personal related expenses. General and administrative expenses increased by 2% year over year to RMB61 million for Q1, primarily due to higher share based compensation expenses.

Raymond Lei
Raymond Lei
Acting Co-CEO & CFO at HUYA

Other income was RMB 4,000,000 for q one compared with RMB 12,000,000 for the same period last year, primarily due to lower government subsidies. As a result, operating loss was RMB 60,000,000 for q one compared with a loss of RMB 39,000,000 for the same period last year. 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.

Raymond Lei
Raymond Lei
Acting Co-CEO & CFO at HUYA

Net income attributable to Huya Inc. Was RMB 1,000,000 for Q1 compared with RMB 71,000,000 for the same period last year. Excluding share based compensation expenses and the amortization of intangible asset from business acquisition, net of income taxes, Non GAAP net income attributable to Huya Inc. Was RMB 24,000,000 for q one compared with RMB 92,000,000 for the same period last year. Non GAAP net margin was 1.6% for q one.

Raymond Lei
Raymond Lei
Acting Co-CEO & CFO at HUYA

Diluted net loss per ADS was approximately 0 RMB for q one. Non GAAP diluted net income per ADS was RMB 10¢ for q one. As of 03/31/2025, the company had cash and cash equivalents, short term deposit and the long term deposit of billion compared with RMB6.73 billion as of 12/31/2024. Finally, let me provide an update on our shareholder returns. Through our up to US100 million dollars share repurchase program, we had repurchased 21,000,000 UYA shares with a total aggregate consideration of US69.8 million dollars as of the March 2025.

Raymond Lei
Raymond Lei
Acting Co-CEO & CFO at HUYA

Looking ahead, we will remain committed to reinforce our business and operational foundations and returning value to our shareholders through dividends and share repurchase. Mister, I'd like to open the call to your questions.

Operator

Thank you, Raymond, and hello, everyone. If you are dialing by phone, please press 5 to ask a question, then press 6 to unmute yourself. If you are processing the call from the Tencent Meeting or both meeting applications, please click raise hand button at the bottom left For the benefit of all participants on today's call, if you wish to ask your question to the management in Chinese, please immediately repeat your question in English. Today's first question comes from Nelson Chung from Citibank. Nelson, your line is open. Please go ahead.

Nelson Cheung
Nelson Cheung
Vice President, Equity Research at Citi

So let me translate myself into English. Thanks management for taking my questions, and congratulations for the comp for who we are with a a solid quarter in first quarter. And with a solid year on year growth for game related, revenues in the first quarter, wondering if management could elaborate more on, on the business outlook and the prospect for this segment. Thank you. Okay.

Moderator

In the first quarter, HUYA's game related services, advertising, and other revenues reached $370,000,000 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 q one this year, as well as the high base effect from major new game launches in the same period from last year. 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. Specifically, in terms of domestic game distribution, despite limited major new game launches in the market this year, we proactively deepened our engagement with existing games.

Moderator

Through cooperations 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. 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 also performed well. These results underscore our extensive capabilities in operations and game promotions.

Moderator

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 streamers' ecosystem with more game broadcasters generating better commercial income from in game item sales. In addition to live channels and the mall session, our community section has emerged as an effective access point for in game item sales.

Moderator

In early April, we successfully sold an exclusive game skin for renowned owner of Kings esport player. Beyond the buzz generated by the skin's initial relief 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. 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.

Moderator

We believe that there is great potential to expand our customer base for in game item purchases and improve repeating purchase rates. 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. We're strengthening our partnerships with Chinese game companies that are expanding overseas as well as local firms.

Moderator

At the same time, we've 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. These emerging initiatives are demonstrating promising growth with our overseas game related services delivering multifold 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.

Operator

Thank you. And our next questions comes from Richie Sun from HSBC. Hi, Richie. Please go ahead.

Ritchie Sun
Ritchie Sun
Analyst at HSBC

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

Moderator

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 $510,000,000 Thanks to the year over year growth in game related services, advertising and other businesses, our total net revenue have stabilized year over year after previous declines. This also reflects the steady progress of our strategic business transformation and the company's execution capabilities. Based on what we are currently seeing, we expect that our total revenue have 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.

Moderator

On the other hand, we anticipate that game related services, advertising, and other business revenues will achieve relatively fast year over year growth this first quarter quarter of twenty the expected to become another future growth engine. Therefore, based on the current business situation, we expect Huya's total revenue to achieve a growth this year. The company continuously monitors US listing regulations and regulatory requirements and is committed to fulfilling the responsibilities and obligations of a 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 forest of delisting risks for US listed China based companies recently reported by the media, the US government has not yet issued new formal regulations.

Moderator

We will continue to monitor this situation. Meanwhile, the company is also prudently assessing potential risks and actively exploring corresponding situation, 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 announcement in strict accordance with relevant requirements and fulfill its disclosure obligations.

Operator

Okay. Thank you. Now we will take next question from Yan Yan Xiao from CICC. Hi, Yan Yan. Please go ahead.

Yanyan Xiao
VP - Research Analyst at China International Capital Corporation (CICC)

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

Moderator

This quarter, we continue to optimize costs related to esports 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 declined 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 24,000,000 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.

Moderator

Therefore, this year's bottom line performance will rely more on the improvements in the company's operational results. 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.

Operator

Thank you. That's all for our q and 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 and T Financial Communications. This concludes today's call, and we look forward to speaking to you again next quarter. Thank you.

Executives
    • Junhong Huang
      Junhong Huang
      Acting Co-CEO, Senior VP & Director
    • Raymond Lei
      Raymond Lei
      Acting Co-CEO & CFO
Analysts
    • Nelson Cheung
      Vice President, Equity Research at Citi
    • Moderator
    • Ritchie Sun
      Analyst at HSBC
    • Yanyan Xiao
      VP - Research Analyst at China International Capital Corporation (CICC)
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Key Takeaways

  • In Q1 FY2025, Huya’s total net revenues stabilized year-over-year at RMB1.51 billion, driven by a 52.1% increase in game-related services which now account for 24.6% of revenue, and delivered its first net profit with non-GAAP net income of RMB24 million.
  • Domestic game distribution gross receipts doubled year-over-year and in-game item sales hit record GMV, while overseas game services achieved multi-fold sequential revenue growth across ~50 titles, underscoring expansion in both markets.
  • Huya solidified its esports leadership by broadcasting ~75 licensed tournaments and ~25 self-produced PGC shows, including an upgraded Legend Cup with China-South Korea dual brackets and new offline/online entertainment formats.
  • Under its AI+ live streaming strategy, Huya launched the “Hu Xiao I” AI agent for pre-match analytics, in-play tactical insights, and post-match highlights, generating over 300,000 bullet chats with 17% interactive discussions.
  • The company expects revenues to grow this year as live streaming stabilizes and game-related services accelerate, while pursuing cost optimization, diversified business models, a US$100 million share repurchase program, dividends and monitoring regulatory risks.
AI Generated. May Contain Errors.
Earnings Conference Call
HUYA Q1 2025
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