虎牙（HUYA）周三盘中股价大跌5.18%。该公司于今日发布的2025年第三季度财报显示，业绩表现喜忧参半。
财报数据显示，虎牙第三季度总收入达16.9亿元，同比增长9.8%，创近九个季度以来新高。其中，直播收入企稳回升至11.6亿元；游戏相关服务、广告和其他业务收入同比增长约30%至5.3亿元，占总收入比例首次超过30%，达到31.5%。
然而，盈利能力方面表现不佳。在非美国通用会计准则（Non-GAAP）下，虎牙第三季度实现运营利润630万元，归属于公司的净利润为3630万元，同比下降53.5%。这是虎牙2025年连续第三个季度出现净利润同比下滑。虽然公司强调Non-GAAP运营利润已实现扭亏为盈，但投资者似乎更关注净利润的持续下滑。
虎牙公司管理层表示，将继续推进收入结构多元化和成本管理，在追求增长的同时兼顾盈利质量。但市场对公司能否扭转净利润下滑趋势仍持观望态度，这可能是导致股价下跌的主要原因。
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