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of Contents](#TOC)\n\n​\n\n​\n\n**UNITED STATES**\n\n**SECURITIES AND EXCHANGE COMMISSION**\n\n**WASHINGTON, D.C. 20549**\n\n**FORM ****20-F**\n\n**(Mark One)**\n\n**☐**\n\n**REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n​\n\n**OR**\n\n​\n\n**☒**\n\n**ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n​\n\n**For the fiscal year ended ****December 31****, ****2025**\n\n​\n\n**OR**\n\n​\n\n**☐**\n\n**TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n​\n\n**OR**\n\n​\n\n**☐**\n\n**SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n​\n\n**Date of event requiring this shell company report**\n\n​\n\n**For the transition period from****              **** to****              **\n\n​\n\n**Commission file number:****001-38482**\n\n​\n\n​\n\n**HUYA Inc.**\n\n**(Exact Name of Registrant as Specified in Its Charter)**\n\n​\n\n**N/A**\n\n**(Translation of Registrant’s Name into English)**\n\n​\n\n**Cayman Islands**\n\n**(Jurisdiction of Incorporation or Organization)**\n\n​\n\n**Building A3,**\n\n**E-Park**\n\n**280 Hanxi Road**\n\n**Panyu District****,****Guangzhou**** ****511446**\n\n**People’s Republic of China**\n\n**(Address of Principal Executive Offices)**\n\n​\n\n**Junhong Huang**\n\n**Director and Acting Chief Executive Officer**\n\n**E-mail:****ir@huya.com**\n\n**Building A3,E-Park**\n\n**280 Hanxi Road**\n\n**Panyu District****,****Guangzhou**** ****511446**\n\n**People’s Republic of China**\n\n**Telephone: +****86****(****20****) ****2290-7888**\n\n**(Name, Telephone, Email and/or Facsimile Number and Address of Company Contact Person)**\n\n**Securities registered or to be registered pursuant to Section 12(b) of the Act:**\n\n​\n\n**Title of each class**\n\n  ​ ​ ​\n\n**Trading********symbol(s)**\n\n  ​ ​ ​\n\n**Name of each exchange********on which registered**\n\n**American Depositary Shares****, each representing**\n**one Class A ordinary share, par value**\n**US$0.0001 per share**\n\n \n\n**HUYA**\n\n \n\n**New York Stock Exchange**\n\n**Class A ordinary shares****, par value US$0.0001**\n\n**per share***\n\n \n\n \n\n**New York Stock Exchange**\n\n*\n\nNot for trading, but only in connection with the listing on the New York Stock Exchange of our American depositary shares, each representing one Class A ordinary share.\n\n[Table of Contents](#TOC)\n\n​\n\n​\n\n**Securities registered or to be registered pursuant to Section 12(g) of the Act:**\n\n​\n\n**None**\n\n**(Title of Class)**\n\n​\n\n**Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:**\n\n​\n\n**None**\n\n**(Title of Class)**\n\nIndicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report.\n\n​\n\nAs of December 31, 2025, there were 223,533,296 ordinary shares outstanding, being the sum of 73,146,779 Class A ordinary shares and 150,386,517 Class B ordinary shares.\n\n​\n\nIndicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.  ☐  Yes    ☒  No\n\n​\n\nIf this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.  ☐  Yes    ☒  No\n\n​\n\nNote –Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.\n\n​\n\nIndicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  ☒  Yes    ☐  No\n\n​\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T  (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  ☒  Yes    ☐  No\n\n​\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of “accelerated filer and large accelerated filer” and “emerging growth company” in Rule 12b-2  of the Exchange Act.\n\n​\n\nLarge Accelerated Filer\n\n  ​ ​ ​\n\n☐\n\n  ​ ​ ​\n\nAccelerated Filer\n\n  ​ ​ ​\n\n☒\n\n  ​ ​ ​\n\nNon-Accelerated Filer\n\n  ​ ​ ​\n\n☐\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n \n\n \n\n \n\n  ​\n\n \n\n \n\n \n\n \n\nEmerging Growth Company\n\n \n\n☐\n\n​\n\nIf an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. ☐\n\n​\n\n†\n\nThe term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.\n\n​\n\nIndicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒\n\n​\n\nIf securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐\n\n​\n\nIndicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐\n\n​\n\nIndicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:\n\n​\n\n​\n\nU.S. GAAP\n\n  ​ ​ ​\n\n☒\n\n  ​ ​ ​\n\nInternational Financial Reporting Standards as issued\n\n  ​ ​ ​\n\n  ​ ​ ​\n\nOther\n\n  ​ ​ ​\n\n☐\n\n \n\n \n\n \n\n  ​\n\n by the International Accounting Standards Board\n\n \n\n☐\n\n​\n\n​\n\n​\n\n​\n\nIf “other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.   ☐  Item 17     ☐  Item 18\n\n​\n\nIf this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2  of the Exchange Act).   ☐  Yes    ☒  No\n\n​\n\n(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)\n\n​\n\nIndicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.   ☐  Yes    ☐  No\n\n​\n\n​\n\n​\n\n​\n\n[Table of Contents](#TOC)\n\nTABLE OF CONTENTS\n\n​\n\n[INTRODUCTION](#INTRODUCTION_256160)\n\n1\n\n[FORWARD-LOOKING INFORMATION](#FORWARDLOOKINGINFORMATION_924506)\n\n2\n\n[PART I.](#PARTI_560811)\n\n3\n\n[ITEM 1.](#ITEM1IDENTITYOFDIRECTORSSENIORMANAGEMENT)\n\n[IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS](#ITEM1IDENTITYOFDIRECTORSSENIORMANAGEMENT)\n\n3\n\n[ITEM 2.](#ITEM2OFFERSTATISTICSANDEXPECTEDTIMETABLE)\n\n[OFFER STATISTICS AND EXPECTED TIMETABLE](#ITEM2OFFERSTATISTICSANDEXPECTEDTIMETABLE)\n\n3\n\n[ITEM 3.](#ITEM3KEYINFORMATION_115941)\n\n[KEY INFORMATION](#ITEM3KEYINFORMATION_115941)\n\n3\n\n[ITEM 4.](#ITEM4INFORMATIONONTHECOMPANY_136560)\n\n[INFORMATION ON THE COMPANY](#ITEM4INFORMATIONONTHECOMPANY_136560)\n\n69\n\n[ITEM 4A.](#ITEM4AUNRESOLVEDSTAFFCOMMENTS_344723)\n\n[UNRESOLVED STAFF COMMENTS](#ITEM4AUNRESOLVEDSTAFFCOMMENTS_344723)\n\n104\n\n[ITEM 5.](#ITEM5OPERATINGANDFINANCIALREVIEWANDPROSP)\n\n[OPERATING AND FINANCIAL REVIEW AND PROSPECTS](#ITEM5OPERATINGANDFINANCIALREVIEWANDPROSP)\n\n104\n\n[ITEM 6.](#ITEM6DIRECTORSSENIORMANAGEMENTANDEMPLOYE)\n\n[DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES](#ITEM6DIRECTORSSENIORMANAGEMENTANDEMPLOYE)\n\n118\n\n[ITEM 7.](#ITEM7MAJORSHAREHOLDERSANDRELATEDPARTYTRA)\n\n[MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS](#ITEM7MAJORSHAREHOLDERSANDRELATEDPARTYTRA)\n\n129\n\n[ITEM 8.](#ITEM8FINANCIALINFORMATION_232422)\n\n[FINANCIAL INFORMATION](#ITEM8FINANCIALINFORMATION_232422)\n\n130\n\n[ITEM 9.](#ITEM9THEOFFERANDLISTING_258661)\n\n[THE OFFER AND LISTING](#ITEM9THEOFFERANDLISTING_258661)\n\n132\n\n[ITEM 10.](#ITEM10ADDITIONALINFORMATION_294569)\n\n[ADDITIONAL INFORMATION](#ITEM10ADDITIONALINFORMATION_294569)\n\n132\n\n[ITEM 11.](#ITEM11QUANTITATIVEANDQUALITATIVEDISCLOSU)\n\n[QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](#ITEM11QUANTITATIVEANDQUALITATIVEDISCLOSU)\n\n151\n\n[ITEM 12.](#ITEM12DESCRIPTIONOFSECURITIESOTHERTHANEQ)\n\n[DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES](#ITEM12DESCRIPTIONOFSECURITIESOTHERTHANEQ)\n\n151\n\n​\n\n​\n\n​\n\n[PART II.](#PARTII_483857)\n\n154\n\n[ITEM 13.](#ITEM13DEFAULTSDIVIDENDARREARAGESANDDELIN)\n\n[DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES](#ITEM13DEFAULTSDIVIDENDARREARAGESANDDELIN)\n\n154\n\n[ITEM 14.](#ITEM14MATERIALMODIFICATIONSTOTHERIGHTSOF)\n\n[MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS](#ITEM14MATERIALMODIFICATIONSTOTHERIGHTSOF)\n\n154\n\n[ITEM 15.](#ITEM15CONTROLSANDPROCEDURES_407902)\n\n[CONTROLS AND PROCEDURES](#ITEM15CONTROLSANDPROCEDURES_407902)\n\n155\n\n[ITEM 16.](#ITEM16RESERVED_324444)\n\n[[RESERVED]](#ITEM16RESERVED_324444)\n\n155\n\n[ITEM 16A.](#ITEM16AAUDITCOMMITTEEFINANCIALEXPERT_460)\n\n[AUDIT COMMITTEE FINANCIAL EXPERT](#ITEM16AAUDITCOMMITTEEFINANCIALEXPERT_460)\n\n156\n\n[ITEM 16B.](#ITEM16BCODEOFETHICS_345725)\n\n[CODE OF ETHICS](#ITEM16BCODEOFETHICS_345725)\n\n156\n\n[ITEM 16C.](#ITEM16CPRINCIPALACCOUNTANTFEESANDSERVICE)\n\n[PRINCIPAL ACCOUNTANT FEES AND SERVICES](#ITEM16CPRINCIPALACCOUNTANTFEESANDSERVICE)\n\n156\n\n[ITEM 16D.](#ITEM16DEXEMPTIONSFROMTHELISTINGSTANDARDS)\n\n[EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES](#ITEM16DEXEMPTIONSFROMTHELISTINGSTANDARDS)\n\n156\n\n[ITEM 16E.](#ITEM16EPURCHASESOFEQUITYSECURITIESBYTHEI)\n\n[PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS](#ITEM16EPURCHASESOFEQUITYSECURITIESBYTHEI)\n\n157\n\n[ITEM 16F.](#ITEM16FCHANGEINREGISTRANTSCERTIFYINGACCO)\n\n[CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT](#ITEM16FCHANGEINREGISTRANTSCERTIFYINGACCO)\n\n157\n\n[ITEM 16G.](#ITEM16GCORPORATEGOVERNANCE_753152)\n\n[CORPORATE GOVERNANCE](#ITEM16GCORPORATEGOVERNANCE_753152)\n\n157\n\n[ITEM 16H.](#ITEM16HMINESAFETYDISCLOSURE_101012)\n\n[MINE SAFETY DISCLOSURE](#ITEM16HMINESAFETYDISCLOSURE_101012)\n\n158\n\n[ITEM 16I.](#ITEM16IDISCLOSUREREGARDINGFOREIGNJURISDI)\n\n[DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS](#ITEM16IDISCLOSUREREGARDINGFOREIGNJURISDI)\n\n158\n\n[ITEM 16J.](#ITEM16JINSIDERTRADINGPOLICIES_487623)\n\n[INSIDER TRADING POLICIES](#ITEM16JINSIDERTRADINGPOLICIES_487623)\n\n158\n\n[ITEM 16K.](#ITEM16KCYBERSECURITY_494594)\n\n[CYBERSECURITY](#ITEM16KCYBERSECURITY_494594)\n\n158\n\n​\n\n​\n\n​\n\n[PART III.](#PARTIII_361787)\n\n160\n\n[ITEM 17.](#ITEM17FINANCIALSTATEMENTS_48040)\n\n[FINANCIAL STATEMENTS](#ITEM17FINANCIALSTATEMENTS_48040)\n\n160\n\n[ITEM 18.](#ITEM18FINANCIALSTATEMENTS_793313)\n\n[FINANCIAL STATEMENTS](#ITEM18FINANCIALSTATEMENTS_793313)\n\n160\n\n[ITEM 19.](#ITEM19EXHIBITS_688185)\n\n[EXHIBITS](#ITEM19EXHIBITS_688185)\n\n160\n\n​\n\n​\n\n​\n\n[SIGNATURES](#SIGNATURES_436750)\n\n163\n\n​\n\n​\n\n​\n\n​\n\n​\n\ni\n\n[Table of Contents](#TOC)\n\nINTRODUCTION\n\nUnless otherwise indicated and except where the context otherwise requires, references in this annual report to:\n\n●“ADSs” refers to our American depositary shares, each of which represents one Class A ordinary share;\n\n●“Class A ordinary shares” refers to our Class A ordinary shares of par value US$0.0001 per share;\n\n●“Class B ordinary shares” refers to our Class B ordinary shares of par value US$0.0001 per share;\n\n●“MAUs” or “monthly active users” for any period refers to the sum of users who accessed our domestic and overseas platforms and services (primarily the domestic Huya Live platform, our global mobile application service platform, our overseas game live streaming platform, and related services), inclusive of users across all devices (mobile, PC and web), at least once during such relevant period. The calculations of our MAUs may not reflect the actual number of people who accessed our platform; for example, it is possible that some people may use more than one device, or some people may share one device, or some people may access our platform through multiple channels. Average MAUs for any period is calculated by dividing (i) the sum of our MAUs for each month during such relevant period, by (ii) the number of months during such relevant period;\n\n●“paying users” for any period refers to the sum of user accounts that purchased various products and services on our domestic Huya Live platform and related services at least once during such relevant period. Beginning in the fourth quarter of 2023, we added the users who purchased game-related services toward our total paying users without eliminating duplicates, as we rolled out certain new business in the process of our strategic transformation; users who made in-game purchases through our game distribution business but did not pay via our platform or related services are not included. A paying user is not necessarily a unique user, however, as a unique user may set up multiple paying user accounts on our platform;\n\n●“RMB” and “Renminbi” refer to the legal currency of mainland China;\n\n●“shares” or “ordinary shares” refers to our Class A and Class B ordinary shares, par value US$0.0001 per share;\n\n●“Tencent” refers to Tencent Holdings Limited and its subsidiaries;\n\n●“US$,” “U.S. dollars,” “$,” and “dollars” refer to the legal currency of the United States;\n\n●“the variable interest entity” or “the VIE” refers to Guangzhou Huya Information Technology Co., Ltd., or Guangzhou Huya; and\n\n●“we,” “us,” “our company,” “our” and “Huya” refer to HUYA Inc., a Cayman Islands company, and its subsidiaries, and, in the context of describing our operations and consolidated financial information, also include the variable interest entity and its subsidiaries in mainland China.\n\nWe present our financial results in RMB. We make no representation that any RMB or U.S. dollar amounts could have been, or could be, converted into U.S. dollars or RMB, as the case may be, at any particular rate, or at all. This annual report contains translations of certain foreign currency amounts into U.S. dollars for the convenience of the reader. Unless otherwise stated, all translations of Renminbi into U.S. dollars were made at the rate at RMB6.9931 to US$1.00, the exchange rate as set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System in effect as of December 31, 2025.\n\n​\n\n1\n\n[Table of Contents](#TOC)\n\nFORWARD-LOOKING INFORMATION\n\nThis annual report contains forward-looking statements that involve risks and uncertainties. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigations Reform Act of 1995.\n\nYou can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “likely to,” “future,” “potential,” “continue,” or other similar expressions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. These forward-looking statements include, but are not limited to, statements about:\n\n●our goals and strategies;\n\n●our future business development, financial conditions and results of operations;\n\n●the expected growth of the live streaming industry and the game industry in mainland China and internationally;\n\n●our expectations regarding demand for and market acceptance of our products and services;\n\n●our ability to retain and grow our user reach, broadcasters, talent agencies, business partners for game-related services and advertisers and expand our product and service offerings;\n\n●competition in our industry;\n\n●general economic and business conditions in mainland China and elsewhere;\n\n●our ability to monetize the user base;\n\n●laws, government policies, regulations, rules and guidelines relating to our industry; and\n\n●assumptions underlying or related to any of the foregoing.\n\nYou should read this annual report and the documents that we refer to in this annual report and have filed as exhibits to this annual report completely and with the understanding that our actual future results may be materially different from what we expect. Other sections of this annual report discuss factors which could adversely impact our business and financial performance. Moreover, we operate in an evolving environment. New risk factors emerge from time to time and it is not possible for our management to predict all risk factors, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. We qualify all of our forward-looking statements by these cautionary statements.\n\nYou should not rely upon forward-looking statements as predictions of future events. The forward-looking statements made in this annual report relate only to events or information as of the date on which the statements are made in this annual report. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.\n\n​\n\n2\n\n[Table of Contents](#TOC)\n\nPART I."}