Huya is China's leading game live streaming platform, with roughly 161 million MAUs. The platform lets users watch live streams of video games and e-sports tournaments, interacting with broadcasters through virtual gifting, bullet chat, and tiered "Noble" memberships. Popular titles streamed include League of Legends, Honor of Kings, and Valorant, and Huya holds broadcast rights to major e-sports leagues including the League of Legends Pro League and World Championship. Live streaming accounts for roughly 71% of revenue, driven by approximately 4.4 million paying users who purchase virtual gifts or memberships. Since 2023, Huya has been expanding into broader game services, which now represent roughly 29% of revenue and grew 43% YoY in FY25. This segment includes game distribution (directing Huya's user base to download games for developers), in-game item sales (cosmetics and skins sold within the platform), advertising (primarily from game developers), and game publishing. Huya's publishing model uses its streamer network and community to acquire users rather than paid advertising — the first published title, Goose Goose Duck Mobile, reached number one on the iOS free chart after launch. Gross margins are thin given high broadcaster payouts and content licensing costs, but higher-margin advertising and in-game item sales are gradually improving the overall margin profile. Huya is also deploying AI-powered virtual hosts and deploying game tools, and expanding internationally through Nimo TV and a global platform acquired from Tencent in 2023.