GUANGZHOU, China, Nov. 12, 2025 /PRNewswire/ — HUYA Inc. (“Huya” or the “Company”) (NYSE: HUYA), a leading game-related entertainment and services provider, today announced its unaudited financial results for the third quarter ended September 30, 2025.
Third Quarter 2025 Highlights
Total net revenues increased by 9.8% to RMB1,688.3 million (US$237.1 million) for the third quarter of 2025, from RMB1,537.7 million for the same period of 2024.
Game-related services, advertising and other revenues increased by 29.6% to RMB531.6 million (US$74.7 million) for the third quarter of 2025, from RMB410.2 million for the same period of 2024.
Net income attributable to HUYA Inc. was RMB9.6 million (US$1.3 million) for the third quarter of 2025, compared with RMB23.6 million for the same period of 2024.
Non-GAAP net income attributable to HUYA Inc.[1] was RMB36.3 million (US$5.1 million) for the third quarter of 2025, compared with RMB78.0 million for the same period of 2024.
Average MAUs[2] for the third quarter of 2025 was 162.3 million.
Mr. Junhong Huang, Acting Co-Chief Executive Officer and Senior Vice President of Huya, commented, “As we close the third quarter of 2025, we are encouraged to report that Huya has returned to a promising growth trajectory, with total net revenues up approximately 10% year-over-year. This progress reflects both stabilization in our live streaming revenues and accelerating contributions from game-related services, advertising and other initiatives.
“Game-related services, advertising and other revenues grew approximately 30% year-over-year, accounting for over 30% of our total net revenues for the first time, marking a key milestone since our strategic transformation two years ago. In-game item sales have been a main driver of this segment as we deepened and expanded collaborations with game partners both in China and abroad,” Mr. Huang concluded.
Mr. Raymond Peng Lei, Acting Co-Chief Executive Officer and Chief Financial Officer of Huya, added, “We are pleased to see total net revenues re-accelerate and operating performance continue to improve in the third quarter. These results reflect our steady execution on revenue diversification and prudent cost management. Looking ahead, we will continue to explore opportunities in a measured way, pursuing growth thoughtfully while preserving earnings quality and building long-term shareholder value.”
Third Quarter 2025 Financial Results
Total net revenues increased by 9.8% to RMB1,688.3 million (US$237.1 million) for the third quarter of 2025, from RMB1,537.7 million for the same period of 2024.
Live streaming revenues increased by 2.6% to RMB1,156.7 million (US$162.5 million) for the third quarter of 2025, from RMB1,127.5 million for the same period of 2024, primarily due to the improvement of average spending per paying user for live streaming services.
Game-related services, advertising and other revenues increased by 29.6% to RMB531.6 million (US$74.7 million) for the third quarter of 2025, from RMB410.2 million for the same period of 2024. The increase was primarily due to higher revenues from game-related services and advertising, which were mainly attributable to the Company’s deepened cooperation with Tencent and other game companies.
Cost of revenues increased by 9.6% to RMB1,461.6 million (US$205.3 million) for the third quarter of 2025 from RMB1,334.1 million for the same period of 2024, primarily due to increased revenue sharing fees and content costs as well as costs of in-game items, partially offset by decreased bandwidth and server custody fees. Revenue sharing fees and content costs, a key component of cost of revenues, increased by 7.8% year-over-year to RMB1,262.9 million (US$177.4 million) for the third quarter of 2025, primarily due to increased revenues.
Gross profit increased by 11.3% to RMB226.6 million (US$31.8 million) for the third quarter of 2025, from RMB203.6 million for the same period of 2024. Gross margin was 13.4% for the third quarter of 2025, compared with 13.2% for the same period of 2024.
Research and development expenses decreased by 2.8% to RMB121.9 million (US$17.1 million) for the third quarter of 2025 from RMB125.5 million for the same period of 2024, primarily due to decreased staff costs as a result of enhanced efficiency.
Sales and marketing expenses decreased by 4.4% to RMB70.1 million (US$9.8 million) for the third quarter of 2025 from RMB73.3 million for the same period of 2024, primarily due to decreased channel promotion fees.
General and administrative expenses increased by 15.4% to RMB57.7 million (US$8.1 million) for the third quarter of 2025 from RMB50.0 million for the same period of 2024, primarily due to increased professional service fees and staff costs.
Other income was RMB8.9 million (US$1.2 million) for the third quarter of 2025, compared with RMB13.0 million for the same period of 2024, primarily due to lower government subsidies.
Operating loss was RMB14.3 million (US$2.0 million) for the third quarter of 2025, compared with RMB32.3 million for the same period of 2024.
Non-GAAP operating income was RMB6.3 million (US$0.9 million) for the third quarter of 2025, compared with non-GAAP operating loss of RMB13.2 million for the same period of 2024.
Interest income was RMB34.7 million (US$4.9 million) for the third quarter of 2025, compared with RMB96.6 million for the same period of 2024, primarily due to a lower time deposit balance, which was mainly attributable to the special cash dividends paid.
Net income attributable to HUYA Inc. was RMB9.6 million (US$1.3 million) for the third quarter of 2025, compared with RMB23.6 million for the same period of 2024.
Non-GAAP net income attributable to HUYA Inc. was RMB36.3 million (US$5.1 million) for the third quarter of 2025, compared with RMB78.0 million for the same period of 2024.
Basic and diluted net income per American depositary share (“ADS”) were each RMB0.04 (US$0.01) for the third quarter of 2025. Basic and diluted net income per ADS were each RMB0.10 for the third quarter of 2024. Each ADS represents one Class A ordinary share of the Company.
Non-GAAP basic and diluted net income per ADS were each RMB0.16 (US$0.02) for the third quarter of 2025. Non-GAAP basic and diluted net income per ADS were each RMB0.34 for the third quarter of 2024.
As of September 30, 2025, the Company had cash and cash equivalents, short-term deposits and long-term deposits of RMB3,828.2 million (US$537.7 million), compared with RMB3,766.4 million as of June 30, 2025.
Earnings Webinar
The Company’s management will host a Tencent Meeting Webinar at 5:00 a.m. U.S. Eastern Time on November 12, 2025 (6:00 p.m. Beijing/Hong Kong time on November 12, 2025), to review and discuss the Company’s business and financial performance.
For participants who wish to join the webinar, please complete the online registration in advance using the links provided below. Upon registration, participants will receive an email with webinar access information, including meeting ID, meeting link, dial-in numbers, and a unique attendee ID to join the webinar.
Participant Online Registration:
A live webcast of the webinar will be accessible at https://ir.huya.com, and a replay of the webcast will be available following the session.
[1] “Non-GAAP net income attributable to HUYA Inc.” is defined as net income (loss) attributable to HUYA Inc. excluding share-based compensation expenses, gain arising from disposal of an equity investment, net of income taxes, impairment loss of investments, and amortization of intangible assets from business acquisitions, net of income taxes, to the extent applicable. For more information, please refer to the section titled “Use of Non-GAAP Financial Measures” and the table captioned “HUYA Inc. Unaudited Reconciliations of GAAP and Non-GAAP Results” at the end of this press release.
[2] Refers to the average total monthly active users who accessed the Company’s domestic and overseas platforms and services (primarily the domestic Huya Live platform, its global mobile application service platform, its overseas game live streaming platform, and related services), inclusive of users across all devices (mobile, PC and web). Average MAUs for any period is calculated by dividing (i) the sum of total active users for each month during such relevant period, by (ii) the number of months during such relevant period. The Company shifted to total MAU reporting starting from the second quarter of 2025 to provide a more comprehensive view of user activity, in line with its business expansion, cross-platform strategy, and overseas initiatives.
[3] For the purpose of this announcement only, Chinese Mainland excludes the Hong Kong Special Administrative Region, the Macao Special Administrative Region of the People’s Republic of China, and Taiwan.
About HUYA Inc.
HUYA Inc. is a leading game-related entertainment and services provider. Huya delivers dynamic live streaming and video content and a rich array of services spanning games, e-sports, and other interactive entertainment genres to a large, highly engaged community of game enthusiasts. Huya has cultivated a robust entertainment ecosystem powered by AI and other advanced technologies, serving users and partners across the gaming universe, including game companies, e-sports tournament organizers, broadcasters and talent agencies. Leveraging this strong foundation, Huya has also expanded into innovative game-related services, such as game distribution, in-game item sales, advertising and more. Huya continues to extend its footprint in China and abroad, meeting the evolving needs of gamers, content creators, and industry partners worldwide.
For more information, please visit: https://ir.huya.com.
Use of Non-GAAP Financial Measures
The unaudited condensed consolidated financial information is prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), except that the consolidated statement of changes in shareholders’ equity, consolidated statements of cash flows, and the detailed notes have not been presented. Huya uses non-GAAP gross profit, non-GAAP operating income (loss), non-GAAP net income attributable to HUYA Inc., non-GAAP net income attributable to ordinary shareholders, non-GAAP basic and diluted net income per ordinary share, and non-GAAP basic and diluted net income per ADS, which are non-GAAP financial measures. Non-GAAP gross profit is gross profit excluding share-based compensation expenses allocated in cost of revenues. Non-GAAP operating income (loss) is operating loss excluding share-based compensation expenses and amortization of intangible assets from business acquisitions. Non-GAAP net income attributable to HUYA Inc. is net income (loss) attributable to HUYA Inc. excluding share-based compensation expenses, gain arising from disposal of an equity investment, net of income taxes, impairment loss of investments, and amortization of intangible assets from business acquisitions, net of income taxes, to the extent applicable. Non-GAAP net income attributable to ordinary shareholders is net income (loss) attributable to ordinary shareholders excluding share-based compensation expenses, gain arising from disposal of an equity investment, net of income taxes, impairment loss of investments, and amortization of intangible assets from business acquisitions, net of income taxes, to the extent applicable. Non-GAAP basic and diluted net income per ordinary share and per ADS is non-GAAP net income attributable to ordinary shareholders divided by the weighted average number of ordinary shares and ADS used in the calculation of non-GAAP basic and diluted net income per ordinary share and per ADS. The Company believes that separate analysis and exclusion of the impact of (i) share-based compensation expenses, (ii) gain arising from disposal of an equity investment, net of income taxes, (iii) impairment loss of investments, and (iv) amortization of intangible assets from business acquisitions (net of income taxes), add clarity to the constituent parts of its performance. The Company reviews these non-GAAP financial measures together with GAAP financial measures to obtain a better understanding of its operating performance. It uses the non-GAAP financial measures for planning, forecasting and measuring results against the forecast. The Company believes that non-GAAP financial measures represent useful supplemental information for investors and analysts to assess its operating performance without the effect of (i) share-based compensation expenses, and (ii) amortization of intangible assets from business acquisitions (net of income taxes), which have been and will continue to be significant recurring expenses in its business, and (iii) gain arising from disposal of an equity investment, net of income taxes, and (iv) impairment loss of investments, which may recur when there is observable price change in the future. However, the use of non-GAAP financial measures has material limitations as an analytical tool. One of the limitations of using non-GAAP financial measures is that they do not include all items that impact the Company’s net income (loss) for the period. In addition, because non-GAAP financial measures are not measured in the same manner by all companies, they may not be comparable to other similarly titled measures used by other companies. In light of the foregoing limitations, you should not consider a non-GAAP financial measure in isolation from or as an alternative to the financial measures prepared in accordance with U.S. GAAP.
The presentation of these non-GAAP financial measures is not intended to be considered in isolation from, or as a substitute for, the financial information prepared and presented in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned “HUYA Inc. Unaudited Reconciliations of GAAP and Non-GAAP Results” at the end of this announcement.
Exchange Rate Information
This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB7.1190 to US$1.00, the noon buying rate in effect on September 30, 2025, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the Renminbi or U.S. dollar amounts referred to in this announcement could have been or could be converted into U.S. dollars or Renminbi, as the case may be, at any particular rate or at all.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the quotations from management in this announcement, as well as Huya’s strategic and operational plans, contain forward-looking statements. Huya may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Huya’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Huya’s goals and strategies; Huya’s future business development, results of operations and financial condition; the expected growth of the live streaming market and game market; the expectation regarding the rate at which to gain active users, especially paying users; Huya’s ability to monetize the user base; Huya’s efforts in complying with applicable data privacy and security regulations; fluctuations in general economic and business conditions in China; the economy in China and elsewhere generally; any regulatory developments in laws, regulations, rules, policies or guidelines applicable to Huya; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Huya’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Huya does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
For investor and media inquiries, please contact:
In China:
HUYA Inc.
Investor Relations
Tel: +86-20-2290-7829
E-mail: ir@huya.com
Piacente Financial Communications
Jenny Cai
Tel: +86-10-6508-0677
E-mail: huya@tpg-ir.com
In the United States:
Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
E-mail: huya@tpg-ir.com
HUYA INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(All amounts in thousands, except share, ADS, per share data and per ADS data)
As of December 31,
As of September 30,
2024
2025
2025
RMB
RMB
US$
Assets
Current assets
Cash and cash equivalents
1,188,911
725,818
101,955
Restricted cash
17,031
9,107
1,279
Short-term deposits
4,075,048
3,042,408
427,365
Accounts receivable, net
76,044
164,647
23,128
Prepaid assets and amounts due from related
parties, net
207,565
391,211
54,953
Prepayments and other current assets, net
523,674
579,821
81,447
Total current assets
6,088,273
4,913,012
690,127
Non-current assets
Long-term deposits
1,470,000
60,000
8,428
Investments
440,790
393,639
55,294
Goodwill
463,796
458,447
64,398
Property and equipment, net
484,008
550,873
77,381
Intangible assets, net
153,190
133,263
18,719
Right-of-use assets, net
339,492
311,464
43,751
Prepayments and other non-current assets
128,262
15,749
2,212
Total non-current assets
3,479,538
1,923,435
270,183
Total assets
9,567,811
6,836,447
960,310
Liabilities and shareholders’ equity
Current liabilities
Accounts payable
66,613
235,391
33,065
Advances from customers and deferred revenue
265,628
226,512
31,818
Income taxes payable
54,594
59,193
8,315
Accrued liabilities and other current liabilities
1,360,949
1,006,309
141,356
Amounts due to related parties
161,529
177,154
24,885
Lease liabilities due within one year
28,581
22,015
3,092
Total current liabilities
1,937,894
1,726,574
242,531
Non-current liabilities
Lease liabilities
20,047
2,946
414
Deferred tax liabilities
23,405
20,148
2,830
Deferred revenue
35,786
32,647
4,586
Total non-current liabilities
79,238
55,741
7,830
Total liabilities
2,017,132
1,782,315
250,361
HUYA INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)
(All amounts in thousands, except share, ADS, per share data and per ADS data)
As of December 31,
As of September 30,
2024
2025
2025
RMB
RMB
US$
Shareholders’ equity
Class A ordinary shares (US$0.0001 par value;
750,000,000 shares authorized as of December
31, 2024 and September 30, 2025, respectively;
74,845,398 and 73,019,089 shares issued and
outstanding as of December 31, 2024 and
September 30, 2025, respectively)
52
53
7
Class B ordinary shares (US$0.0001 par value;
200,000,000 shares authorized as of December
31, 2024 and September 30, 2025, respectively;
150,386,517 and 150,386,517 shares issued and
outstanding as of December 31, 2024 and
September 30, 2025, respectively)
98
98
14
Treasury shares
(108,101)
(142,299)
(19,989)
Additional paid-in capital
8,866,492
6,452,211
906,337
Statutory reserves
122,429
122,429
17,197
Accumulated deficit
(2,100,291)
(2,095,349)
(294,332)
Accumulated other comprehensive income
770,000
716,989
100,715
Total shareholders’ equity
7,550,679
5,054,132
709,949
Total liabilities and shareholders’ equity
9,567,811
6,836,447
960,310
HUYA INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(All amounts in thousands, except share, ADS, per share data and per ADS data)
Three Months Ended
Nine Months Ended
September 30,
2024
June 30,
2025
September 30,
2025
September 30,
2025
September 30,
2024
September 30,
2025
September 30,
2025
RMB
RMB
RMB
US$
RMB
RMB
US$
Net revenues
Live streaming
1,127,499
1,153,232
1,156,681
162,478
3,621,007
3,448,064
484,347
Game-related services, advertising and others
410,160
413,857
531,570
74,669
962,281
1,315,861
184,838
Total net revenues
1,537,659
1,567,089
1,688,251
237,147
4,583,288
4,763,925
669,185
Cost of revenues(1)
(1,334,085)
(1,354,771)
(1,461,627)
(205,314)
(3,944,297)
(4,136,500)
(581,051)
Gross profit
203,574
212,318
226,624
31,833
638,991
627,425
88,134
Operating expenses(1)
Research and development expenses
(125,508)
(122,156)
(121,942)
(17,129)
(389,324)
(373,623)
(52,483)
Sales and marketing expenses
(73,330)
(57,699)
(70,107)
(9,848)
(211,251)
(188,501)
(26,479)
General and administrative expenses
(50,025)
(63,743)
(57,729)
(8,109)
(173,786)
(182,917)
(25,694)
Total operating expenses
(248,863)
(243,598)
(249,778)
(35,086)
(774,361)
(745,041)
(104,656)
Other income, net
12,958
7,577
8,854
1,244
38,486
19,965
2,804
Operating loss
(32,331)
(23,703)
(14,300)
(2,009)
(96,884)
(97,651)
(13,718)
Interest income
96,580
59,074
34,655
4,868
316,155
158,645
22,285
Impairment loss of investments
(36,298)
(30,000)
(8,698)
(1,222)
(81,377)
(38,698)
(5,436)
Disposal gain of investments
–
–
1,500
211
–
1,500
211
Foreign currency exchange losses, net
(1,225)
(2,112)
(2,008)
(282)
(3,280)
(4,536)
(637)
Income before income tax expenses
26,726
3,259
11,149
1,566
134,614
19,260
2,705
Income tax expenses
(3,113)
(7,388)
(508)
(71)
(10,366)
(11,144)
(1,565)
Income (loss) before loss in equity method
investments, net of income taxes
23,613
(4,129)
10,641
1,495
124,248
8,116
1,140
Loss in equity method investments, net of
income taxes
–
(1,362)
(1,085)
(152)
–
(3,124)
(439)
Net income (loss) attributable to HUYA Inc.
23,613
(5,491)
9,556
1,343
124,248
4,992
701
Net income (loss) attributable to ordinary
shareholders
23,613
(5,491)
9,556
1,343
124,248
4,992
701
HUYA INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (CONTINUED)
(All amounts in thousands, except share, ADS, per share data and per ADS data)
Three Months Ended
Nine Months Ended
September 30,
2024
June 30,
2025
September 30,
2025
September 30,
2025
September 30,
2024
September 30,
2025
September 30,
2025
RMB
RMB
RMB
US$
RMB
RMB
US$
Net income (loss) per ordinary share
—Basic
0.10
(0.02)
0.04
0.01
0.54
0.02
0.00
—Diluted
0.10
(0.02)
0.04
0.01
0.53
0.02
0.00
Net income (loss) per ADS*
—Basic
0.10
(0.02)
0.04
0.01
0.54
0.02
0.00
—Diluted
0.10
(0.02)
0.04
0.01
0.53
0.02
0.00
Weighted average number of ADS used in
calculating net income (loss) per ADS
—Basic
231,366,502
227,675,862
229,032,506
229,032,506
231,852,981
228,715,412
228,715,412
—Diluted
232,948,154
227,675,862
231,210,726
231,210,726
234,514,598
231,084,419
231,084,419
* Each ADS represents one Class A ordinary share.
(1) Share-based compensation was allocated in cost of revenues and operating expenses as follows:
Three Months Ended
Nine Months Ended
September 30,
2024
June 30,
2025
September 30,
2025
September 30,
2025
September 30,
2024
September 30,
2025
September 30,
2025
RMB
RMB
RMB
US$
RMB
RMB
US$
Cost of revenues
3,521
3,707
1,666
234
12,298
8,756
1,230
Research and development expenses
5,497
6,563
4,335
609
20,986
17,211
2,418
Sales and marketing expenses
171
394
213
30
983
927
130
General and administrative expenses
4,014
7,385
8,435
1,185
12,855
23,868
3,353
HUYA INC.
UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
(All amounts in thousands, except share, ADS, per share data and per ADS data)
Three Months Ended
Nine Months Ended
September 30,
2024
June 30,
2025
September 30,
2025
September 30,
2025
September 30,
2024
September 30,
2025
September 30,
2025
RMB
RMB
RMB
US$
RMB
RMB
US$
Gross profit
203,574
212,318
226,624
31,833
638,991
627,425
88,134
Share-based compensation expenses allocated
in cost of revenues
3,521
3,707
1,666
234
12,298
8,756
1,230
Non-GAAP gross profit
207,095
216,025
228,290
32,067
651,289
636,181
89,364
Operating loss
(32,331)
(23,703)
(14,300)
(2,009)
(96,884)
(97,651)
(13,718)
Share-based compensation expenses
13,203
18,049
14,649
2,058
47,122
50,762
7,131
Amortization of intangible assets from
business acquisitions
5,937
6,005
5,958
837
17,808
17,959
2,523
Non-GAAP operating (loss) income
(13,191)
351
6,307
886
(31,954)
(28,930)
(4,064)
Net income (loss) attributable to HUYA Inc.
23,613
(5,491)
9,556
1,343
124,248
4,992
701
Gain arising from disposal of an equity
investment, net of income taxes
–
–
(1,500)
(211)
–
(1,500)
(211)
Impairment loss of investments
36,298
30,000
8,698
1,222
81,377
38,698
5,436
Share-based compensation expenses
13,203
18,049
14,649
2,058
47,122
50,762
7,131
Amortization of intangible assets from
business acquisitions, net of income taxes
4,928
4,984
4,945
695
14,781
14,906
2,094
Non-GAAP net income attributable to
HUYA Inc.
78,042
47,542
36,348
5,107
267,528
107,858
15,151
Net income (loss) attributable to ordinary
shareholders
23,613
(5,491)
9,556
1,343
124,248
4,992
701
Gain arising from disposal of an equity
investment, net of income taxes
–
–
(1,500)
(211)
–
(1,500)
(211)
Impairment loss of investments
36,298
30,000
8,698
1,222
81,377
38,698
5,436
Share-based compensation expenses
13,203
18,049
14,649
2,058
47,122
50,762
7,131
Amortization of intangible assets from
business acquisitions, net of income taxes
4,928
4,984
4,945
695
14,781
14,906
2,094
Non-GAAP net income attributable to
ordinary shareholders
78,042
47,542
36,348
5,107
267,528
107,858
15,151
Non-GAAP net income per ordinary share
—Basic
0.34
0.21
0.16
0.02
1.15
0.47
0.07
—Diluted
0.34
0.21
0.16
0.02
1.14
0.47
0.07
Non-GAAP net income per ADS
—Basic
0.34
0.21
0.16
0.02
1.15
0.47
0.07
—Diluted
0.34
0.21
0.16
0.02
1.14
0.47
0.07
Weighted average number of ADS used in
calculating Non-GAAP net income per
ADS
—Basic
231,366,502
227,675,862
229,032,506
229,032,506
231,852,981
228,715,412
228,715,412
—Diluted
232,948,154
230,562,291
231,210,726
231,210,726
234,514,598
231,084,419
231,084,419