At present, webcast industry has entered a period of transformation and adjustment in China, and the development of related enterprises is facing certain difficulties. Profitability is the foundation for the sustainable and healthy development of enterprises, and the profit model of an enterprise determines its profitability. The value chain is the premise and foundation of the profit model, while the profit model is the embodiment and guar? antee of the value chain. Both of them are the two sides of the enterprise value creation. Therefore, based on the perspective of the value chain and taking Huya webcast as an example, this paper analyzes the elements of its profit model and builds a dynamic system of the profit model based on the value chain in order to provide an in? spiration for enterprises in the webcast industry.