HUYA Latest Report

Financial Performance

Huya's operating revenue in December 2024 was US$1.496 billion, a decrease of approximately 2.19% compared to US$1.530 billion in December 2023. This change indicates that the company faces pressure in revenue, possibly due to increased competition or slowing user growth.

Key Financial Data

1. Huya's monthly active users (MAU) on mobile devices increased from 82.6 million in the first quarter of 2024 to 84 million in the third quarter, showing a stable user base.

2. The number of paying users grew by 9.5% year-on-year to 4.6 million, reflecting user recognition of platform content.

3. In 2024, Huya launched the annual major e-sports event "League of Legends World Championship (S14)" and improved live streaming quality to enhance user experience.

4. Huya introduced an AI tournament analysis system to enhance users' understanding and participation in tournaments.

5. Huya produced over 20 tournaments and entertainment programs in 2024, enriching platform content.

Industry Comparison

1. Overall industry analysis: The overall live streaming industry faced a user growth bottleneck and regulatory challenges in 2024, affecting the revenue of major companies and slowing down their growth.

2. Peer evaluation analysis: Huya's operating revenue decline was more pronounced than that of Doushi and Kuaishou, possibly reflecting Huya's shortcomings in user retention and content innovation, while Doushi showed stronger competitiveness in user engagement and content diversity.

Summary

Huya's revenue decline is mainly affected by increased competition and slowing user growth. Although the user base is relatively stable, content innovation and user retention still need to be strengthened to cope with fierce competition.

Opportunities

1. Huya can promote content production and host cross-platform broadcasts through cooperation with other live streaming platforms to enhance user base and market share.

2. Strengthen cooperation with Tencent Group to leverage its ecosystem advantages and attract a wider user base.

3. Continue to improve the quality and diversity of live streaming content to attract more users and increase the conversion rate of paid users.

Risks

1. Increased competition in the industry, the rise of short video and live streaming platforms may further erode Huya's market share.

2. Diversified user needs, if Huya fails to adapt to changes in user preferences, it may face the risk of user loss.

3. Uncertainty in the macroeconomic environment may affect consumer spending willingness, thus affecting Huya's advertising revenue and user payment situation.