DOYU

WUHAN, China, Aug. 20, 2026 (GLOBE NEWSWIRE) -- DouYu International Holdings Limited ("DouYu" or the "Company") (Nasdaq: DOYU), a leading game-centric live streaming platform in China and a pioneer in the eSports value chain, today announced its unaudited financial results for the second quarter ended June 30, 2026. Second Quarter 2026 Financial Highlights Total net revenues in the second quarter of 2026 were RMB981.1 million (US$144.6 million), compared with RMB1,053.9 million in the same period of 2025. Gross profit in the second quarter of 2026 was RMB159.0 million (US$23.4 million), compared with RMB141.9 million in the same period of 2025. Loss from operations in the second quarter of 2026 was RMB21.3 million (US$3.1 million), compared with income from operations of RMB14.2 million in the same period of 2025. Net loss in the second quarter of 2026 was RMB72.4 million (US$10.7 million), compared with net income of RMB37.8 million in the same period of 2025. Adjusted net loss (non-GAAP)1 in the second quarter of 2026 was RMB13.5 million (US$2.0 million), compared with adjusted net income (non-GAAP) of RMB25.3 million in the same period of 2025. Ms. Simin Ren, Chief Executive Officer of DouYu, commented, "In the second quarter, despite a challenging external environment, we made steady progress across several fronts. Livestreaming revenues returned to sequential growth, while user engagement improved, underscoring the resilience of our core livestreaming ecosystem. Our innovative business, advertising and other revenues continued to grow, reflecting sustained momentum in our revenue diversification efforts. During the quarter, we successfully hosted the DouYu Carnival, which has provided initial validation of the long-term value of our proprietary IPs in strengthening our streamer portfolio, boosting brand awareness and deepening our collaboration with game studios. Going forward, we expect to maintain a focused and disciplined approach to investment, while continuing to improve the quality, cost efficiency and monetization of our events and content offerings. Through these efforts, we aim to further strengthen our livestreaming business and support healthy and sustainable growth across our platform." Mr. Hao Cao, Vice President of DouYu, commented, "In the second quarter, our total net revenues grew 19.4% quarter-over-quarter, and the year-over-year decline continued to narrow. Driven by the optimization of our revenue mix and improved cost efficiency, gross profit increased by 12.0% year-over-year and gross margin improved to 16.2%. At the same time, concentrated spending on major brand and content events elevated operating expenses during the quarter. Moving forward, we expect to continue to invest with discipline, supporting the development of our core content ecosystem and innovative businesses while continuously improving our operating quality and financial resilience to drive improvement in profitability." Second Quarter 2026 Operational Highlights Average MAUs2 of DouYu Livestreaming were 45.4 million, increasing 2.6% sequentially. The broadly stable sequential performance reflects the Company's efforts in content and event offerings during the quarter among continued headwinds in user retention and engagement. The number of quarterly average paying users3 for the live-streaming-related business was 2.3 million, with a quarterly ARPPU of RMB283. This represents a year-over-year decrease in paying users, primarily attributable to weaker consumer spending amid the prevailing macroeconomic environment, and fewer promotional activities resulting from adjustments to the platform's operational strategy. Revenues from DouYu's voice-based social networking business reached RMB272.3 million. Average MAUs for the voice-based social networking business were 314,300, with 66,200 monthly average paying users4. During the quarter, DouYu optimized social networking experiences and refined resource allocation for the voice-based social networking business. These efforts helped balance the business's profitability with a healthy community ecosystem, in line with the Company's expectations. During the second quarter, DouYu successfully executed a number of key operating initiatives, leveraging the strengths of its community, streamer ecosystem and content operations. DouYu continued to invest in proprietary IP events, including the DouYu Carnival, which brought together a broad range of game studios and industry partners and featured eSports events, streamer meet-and-greets and interactive offline experiences. The event further enhanced DouYu’s brand awareness and deepened the platform’s connections with game studios, streamers, industry partners and users. On the monetization front, DouYu’s PGC events, such as FarmUP Camp S2, attracted tens of millions of viewers and delivered solid monetization performance. Second Quarter 2026 Financial Results Total net revenues in the second quarter of 2026 decreased by 6.9% to RMB981.1 million (US$144.6 million), compared with RMB1,053.9 million in the same period of 2025. Livestreaming revenues in the second quarter of 2026 decreased by 13.0% to RMB503.0 million (US$74.1 million) from RMB577.8 million in the same period of 2025, primarily attributable to a decrease in quarterly average paying users amid continued moderation in consumer spending and changes in the mix of promotional activities. Innovative business, advertising and other revenues in the second quarter of 2026 increased by 0.4% to RMB478.1 million (US$70.5 million) from RMB476.1 million in the same period of 2025, primarily attributable to higher gaming membership revenues, partially offset by lower revenues from the Company's voice-based social networking service and advertising. Cost of revenues in the second quarter of 2026 decreased by 9.9% to RMB822.0 million (US$121.2 million) from RMB912.0 million in the same period of 2025. Revenue-sharing fees and content costs in the second quarter of 2026 decreased by 14.2% to RMB623.7 million (US$91.9 million) from RMB727.3 million in the same period of 2025, primarily driven by reduced content costs as part of the Company's cost optimization efforts and lower revenue-sharing fees resulting from decreased livestreaming revenues. Bandwidth costs in the second quarter of 2026 decreased by 2.9% to RMB47.2 million (US$7.0 million) from RMB48.6 million in the same period of 2025, primarily attributable to improved bandwidth allocation and a year-over-year decrease in peak bandwidth usage. Gross profit in the second quarter of 2026 increased by 12.0% to RMB159.0 million (US$23.4 million) from RMB141.9 million in the same period of 2025, primarily due to lower revenue-sharing fees and content costs, as well as reduced bandwidth costs. Gross margin in the second quarter of 2026 increased to 16.2% from 13.5% in the same period of 2025. Sales and marketing expenses in the second quarter of 2026 increased by 102.6% to RMB124.8 million (US$18.4 million) from RMB61.6 million in the same period of 2025, primarily attributable to increased branding and promotional expenses associated with major brand and content initiatives. General and administrative expenses in the second quarter of 2026 decreased by 18.6% to RMB32.4 million (US$4.8 million) from RMB39.8 million in the same period of 2025, primarily attributable to lower staff-related expenses. Research and development expenses in the second quarter of 2026 decreased by 2.0% to RMB27.0 million (US$4.0 million) from RMB27.6 million in the same period of 2025, remaining broadly stable year-over-year. Loss from operations in the second quarter of 2026 was RMB21.3 million (US$3.1 million), compared with income from operations of RMB14.2 million in the same period of 2025. Net loss in the second quarter of 2026 was RMB72.4 million (US$10.7 million), compared with net income of RMB37.8 million in the same period of 2025. Adjusted net loss (non-GAAP), which is calculated as net loss excluding share of income (loss) in equity method investments and impairment losses and fair value adjustments on investments, was RMB13.5 million (US$2.0 million) in the second quarter of 2026, compared with adjusted net income (non-GAAP) of RMB25.3 million in the same period of 2025. Basic and diluted net loss per ADS5 in the second quarter of 2026 were both RMB2.40 (US$0.35). Adjusted basic and diluted net loss per ADS (non-GAAP) in the second quarter of 2026 were both RMB0.45 (US$0.07). Cash and cash equivalents, restricted cash and bank depositsAs of June 30, 2026, the Company had cash and cash equivalents, restricted cash, restricted cash in other non-current assets, and short-term and long-term bank deposits of RMB2,365.6 million (US$348.7 million), compared with RMB2,283.7 million as of December 31, 2025. About DouYu International Holdings Limited Headquartered in Wuhan, China, DouYu International Holdings Limited (Nasdaq: DOYU) is a leading game-centric live streaming platform in China and a pioneer in the eSports value chain. DouYu operates its platform on both PC and mobile apps to bring users access to immersive and interactive games and entertainment live streaming, a wide array of video and graphic content, as well as opportunities to participate in community events and discussions. By nurturing a sustainable technology-based talent development system and relentlessly producing high-quality content, DouYu consistently delivers premium content through the integration of live streaming, video, graphics, and virtual communities with a primary focus on games. This enables DouYu to continuously enhance its user experience and pursue long-term healthy development. For more information, please see http://ir.douyu.com. Use of Non-GAAP Financial Measures Adjusted net income (loss) is calculated as net income (loss) adjusted for share of income (loss) in equity method investments and impairment losses and fair value adjustments on investments. Adjusted net income (loss) attributable to DouYu is calculated as net income (loss) attributable to DouYu adjusted for share of income (loss) in equity method investments and impairment losses and fair value adjustments on investments. Adjusted basic and diluted net income (loss) per ordinary share is non-GAAP net income (loss) attributable to ordinary shareholders divided by the weighted average number of ordinary shares used in the calculation of non-GAAP basic and diluted net income (loss) per ordinary share. The Company adjusted the impact of (i) share of income (loss) in equity method investments and (ii) impairment losses and fair value adjustments on investments to understand and evaluate the Company's core operating performance. The non-GAAP financial measures are presented to enhance investors' overall understanding of the Company's financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with U.S. GAAP. Investors are encouraged to review the reconciliation of the historical non-GAAP financial measures to their most directly comparable GAAP financial measures. As non-GAAP financial measures have material limitations as analytical metrics and may not be calculated 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 non-GAAP financial measures as a substitute for, or superior to, such metrics in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned “Reconciliations of GAAP and Non-GAAP Results” near the end of this release. 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 RMB6.7851 to US$1.00, the noon buying rate in effect on June 30, 2026, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB amounts could have been, or could be, converted, realized, or settled in U.S. dollars, at that rate on June 30, 2026, or at any other rate. Safe Harbor Statement This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and 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: the Company’s results of operations and financial condition; the Company’s business strategies and plans; general market conditions, in particular, the game live streaming market; the ability of the Company to retain and grow active and paying users; changes in general economic and business conditions in China; any adverse changes in laws, regulations, rules, policies or guidelines applicable to the Company; and assumptions underlying or related to any of the foregoing. In some cases, forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law. 1 “Adjusted net loss (non-GAAP)” is defined as net loss excluding share of loss (income) in equity method investments and impairment losses and fair value adjustments on investments. For more information, please refer to “Use of Non-GAAP Financial Measures” and “Reconciliations of GAAP and Non-GAAP Results” at the end of this press release.2 "MAUs" refers to the number of active users (exclusive of innovative business, unless otherwise indicated) in a given period. Average MAUs for a given period is calculated by dividing (i) the sum of active users for each month of such period, by (ii) the number of months in such period.3 “Quarterly average paying users” refers to the average paying users for each quarter during a given period of time calculated by dividing (i) the sum of paying users for each quarter of such period, by (ii) the number of quarters in such period. “Paying user” refers to a registered user that has purchased virtual gifts on the DouYu platform at least once during the relevant period.4 “Monthly average paying users” refers to the monthly average number of paying users during a given period of time calculated by dividing (i) the sum of paying users in each month of such period, by (ii) the number of months in such period. “Paying user” refers to a registered user that has purchased virtual gifts on the DouYu platform at least once during the relevant period.5 Each ADS represents one ordinary share for the relevant period and calendar year. (1) Translations of certain RMB amounts into U.S. dollars at a specified rate are solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB6.7851 to US$1.00, the noon buying rate in effect on June 30, 2026, in the H.10 statistical release of the Federal Reserve Board. (1) Translations of certain RMB amounts into U.S. dollars at a specified rate are solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB6.7851 to US$1.00, the noon buying rate in effect on June 30, 2026, in the H.10 statistical release of the Federal Reserve Board. (1) Translations of certain RMB amounts into U.S. dollars at a specified rate are solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB6.7851 to US$1.00, the noon buying rate in effect on June 30, 2026, in the H.10 statistical release of the Federal Reserve Board. (2) Every one ADS represents one ordinary share. (1) Translations of certain RMB amounts into U.S. dollars at a specified rate are solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB6.7851 to US$1.00, the noon buying rate in effect on June 30, 2026, in the H.10 statistical release of the Federal Reserve Board. (2) Impairment losses and fair value adjustments on investments were included in line item "Other income (expenses), net" of condensed consolidated statements of income (loss). (3) Every one ADS represents one ordinary share.

WUHAN, China, May 28, 2026 (GLOBE NEWSWIRE) -- DouYu International Holdings Limited (“DouYu” or the “Company”) (Nasdaq: DOYU), a leading game-centric live streaming platform in China and a pioneer in the eSports value chain, today announced its unaudited financial results for the first quarter ended March 31, 2026. First Quarter 2026 Financial Highlights Total net revenues in the first quarter of 2026 were RMB821.8 million (US$119.1 million), compared with RMB947.1 million in the same period of 2025. Gross profit in the first quarter of 2026 was RMB129.4 million (US$18.8 million), compared with RMB113.5 million in the same period of 2025. Income from operations in the first quarter of 2026 was RMB22.2 million (US$3.2 million), compared with a loss from operations of RMB26.1 million in the same period of 2025. Net income in the first quarter of 2026 was RMB27.4 million (US$4.0 million), compared with a net loss of RMB79.6 million in the same period of 2025. Adjusted net income (non-GAAP)1 in the first quarter of 2026 was RMB30.8 million (US$4.5 million), compared with an adjusted net loss (non-GAAP) of RMB20.9 million in the same period of 2025. Ms. Simin Ren, Co-Chief Executive Officer of DouYu, commented, “In the first quarter of 2026, we continued to strengthen our financial capabilities and further improved operating efficiency, demonstrating solid profitability. By continuing to optimize resource allocation, we are placing greater emphasis on the long-term development of our content ecosystem. In the coming quarters, we expect to further bolster our content supply across a broad range of events and programs to enhance DouYu's livestreaming quality and platform appeal. At the same time, we expect to continue to explore and develop opportunities with DouYu’s IP portfolio, while advancing innovation across both content and monetization. We also plan to further invest in offline events and marquee eSports tournaments in the coming months, reflecting our ongoing commitment to strengthening DouYu’s brand awareness, content ecosystem, and livestreaming community. We expect these initiatives to drive stronger user engagement and create long-term value for our shareholders.” Mr. Hao Cao, Vice President of DouYu, commented, “After returning to profitability in the second half of 2025, we sustained that momentum into the first quarter, with income from operations and net income both improving year-over-year. Livestreaming revenues and related revenue-sharing fees and content costs fluctuated during the quarter, primarily reflecting the continued execution of the Company’s cost efficiency strategy, with resources focused on core content categories, as well as the typically lighter eSports and entertainment event calendar in the first quarter. These factors supported our cost leverage and contributed to profitability for the quarter. Looking ahead, we expect to continue to improve user experience with a stronger and more innovative content ecosystem, while maintaining cost discipline.” First Quarter 2026 Operational Highlights Average MAUs2 of DouYu Livestreaming were 44.2 million. Average mobile MAUs2 were 22.9 million. The optimization of cost structure and the reduction of low-ROI events affected light user retention and engagement. The Company will continue to improve the user experience and further enhance the efficiency and appeal of its events and content offerings. The number of quarterly average paying users3 for the live-streaming-related business was 2.3 million, with a quarterly ARPPU of RMB228. This represents a year-over-year decrease in paying users, primarily attributable to weaker consumer spending amid the prevailing macroeconomic environment, and fewer promotional activities resulting from adjustments to the platform's operational strategy. Revenues from DouYu's voice-based social networking business reached RMB255.8 million. Average MAUs for the voice-based social networking business were 315,600, with 61,500 monthly average paying users4. During the quarter, DouYu optimized social networking experiences and refined resource allocation for the voice-based social networking business. These efforts helped balance the business's profitability with a healthy community ecosystem, and the results were in line with the Company's expectations. First Quarter 2026 Financial Results Total net revenues in the first quarter of 2026 decreased by 13.2% to RMB821.8 million (US$119.1 million), compared with RMB947.1 million in the same period of 2025. Livestreaming revenues in the first quarter of 2026 decreased by 18.5% to RMB460.0 million (US$66.7 million) from RMB564.5 million in the same period of 2025, primarily driven by a decrease in the number of total paying users as a result of fewer promotional activities and reduced consumer spending amid the prevailing macroeconomic environment. Innovative business, advertising and other revenues in the first quarter of 2026 decreased by 5.4% to RMB361.8 million (US$52.4 million) from RMB382.6 million in the same period of 2025, primarily attributable to lower revenues from the Company's voice-based social networking service, partially offset by increases in gaming membership revenues and advertising revenues. Cost of revenues in the first quarter of 2026 decreased by 16.9% to RMB692.4 million (US$100.4 million) from RMB833.5 million in the same period of 2025. Revenue-sharing fees and content costs in the first quarter of 2026 decreased by 16.9% to RMB586.7 million (US$85.1 million) from RMB705.6 million in the same period of 2025, primarily driven by reduced content costs as part of the Company's cost optimization efforts and lower revenue-sharing fees resulting from decreased livestreaming revenues. Bandwidth costs in the first quarter of 2026 decreased by 19.5% to RMB45.4 million (US$6.6 million) from RMB56.4 million in the same period of 2025, primarily attributable to improved bandwidth allocation and a year-over-year decrease in peak bandwidth usage. Gross profit in the first quarter of 2026 increased by 14.0% to RMB129.4 million (US$18.8 million) from RMB113.5 million in the same period of 2025, primarily due to lower revenue-sharing fees and content costs, as well as reduced bandwidth costs. Gross margin in the first quarter of 2026 increased to 15.7% from 12.0% in the same period of 2025. Sales and marketing expenses in the first quarter of 2026 decreased by 33.6% to RMB48.4 million (US$7.0 million) from RMB72.9 million in the same period of 2025, primarily attributable to lower promotional expenses and reduced staff-related expenses. Research and development expenses in the first quarter of 2026 decreased by 17.4% to RMB27.0 million (US$3.9 million) from RMB32.7 million in the same period of 2025, primarily attributable to lower staff-related expenses. General and administrative expenses in the first quarter of 2026 increased by 2.8% to RMB36.8 million (US$5.3 million) from RMB35.8 million in the same period of 2025, remaining largely stable year over year. Income from operations in the first quarter of 2026 was RMB22.2 million (US$3.2 million), compared with a loss from operations of RMB26.1 million in the same period of 2025. Net income in the first quarter of 2026 was RMB27.4 million (US$4.0 million), compared with a net loss of RMB79.6 million in the same period of 2025. Adjusted net income (non-GAAP), which is calculated as net income excluding share of loss in equity method investments and impairment losses and fair value adjustments on investments, was RMB30.8 million (US$4.5 million) in the first quarter of 2026, compared with an adjusted net loss (non-GAAP) of RMB20.9 million in the same period of 2025. Basic and diluted net income per ADS5 in the first quarter of 2026 were both RMB0.91 (US$0.13). Adjusted basic and diluted net income per ADS (non-GAAP) in the first quarter of 2026 were both RMB1.02 (US$0.15). Cash and cash equivalents, restricted cash and bank depositsAs of March 31, 2026, the Company had cash and cash equivalents, restricted cash, restricted cash in other non-current assets, and short-term and long-term bank deposits of RMB2,254.9 million (US$326.9 million), compared with RMB2,283.7 million as of December 31, 2025. About DouYu International Holdings Limited Headquartered in Wuhan, China, DouYu International Holdings Limited (Nasdaq: DOYU) is a leading game-centric live streaming platform in China and a pioneer in the eSports value chain. DouYu operates its platform on both PC and mobile apps to bring users access to immersive and interactive games and entertainment live streaming, a wide array of video and graphic content, as well as opportunities to participate in community events and discussions. By nurturing a sustainable technology-based talent development system and relentlessly producing high-quality content, DouYu consistently delivers premium content through the integration of live streaming, video, graphics, and virtual communities with a primary focus on games. This enables DouYu to continuously enhance its user experience and pursue long-term healthy development. For more information, please see http://ir.douyu.com. Use of Non-GAAP Financial Measures Adjusted net (loss) income is calculated as net (loss) income adjusted for share of loss (income) in equity method investments and impairment losses and fair value adjustments on investments. Adjusted net (loss) income attributable to DouYu is calculated as net (loss) income attributable to DouYu adjusted for share of loss (income) in equity method investments and impairment losses and fair value adjustments on investments. Adjusted basic and diluted net (loss) income per ordinary share is non-GAAP net (loss) income attributable to ordinary shareholders divided by the weighted average number of ordinary shares used in the calculation of non-GAAP basic and diluted net (loss) income per ordinary share. The Company adjusted the impact of (i) share of loss (income) in equity method investments and (ii) impairment losses and fair value adjustments on investments to understand and evaluate the Company's core operating performance. The non-GAAP financial measures are presented to enhance investors' overall understanding of the Company's financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with U.S. GAAP. Investors are encouraged to review the reconciliation of the historical non-GAAP financial measures to their most directly comparable GAAP financial measures. As non-GAAP financial measures have material limitations as analytical metrics and may not be calculated 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 non-GAAP financial measures as a substitute for, or superior to, such metrics in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned “Reconciliations of GAAP and Non-GAAP Results” near the end of this release. 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 RMB6.8980 to US$1.00, the noon buying rate in effect on March 31, 2026, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB amounts could have been, or could be, converted, realized, or settled in U.S. dollars, at that rate on March 31, 2026, or at any other rate. Safe Harbor Statement This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and 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: the Company’s results of operations and financial condition; the Company’s business strategies and plans; general market conditions, in particular, the game live streaming market; the ability of the Company to retain and grow active and paying users; changes in general economic and business conditions in China; any adverse changes in laws, regulations, rules, policies or guidelines applicable to the Company; and assumptions underlying or related to any of the foregoing. In some cases, forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law. 1 “Adjusted net income (non-GAAP)” is defined as net income excluding share of loss (income) in equity method investments and impairment losses and fair value adjustments on investments. For more information, please refer to “Use of Non-GAAP Financial Measures” and “Reconciliations of GAAP and Non-GAAP Results” at the end of this press release.2 "MAUs" refers to the number of active users (exclusive of innovative business, unless otherwise indicated) in a given period. "Mobile MAUs" refers to the number of active users using mobile devices in a given period. Average MAUs and average mobile MAUs for a given period is calculated by dividing (i) the sum of active users or active mobile users for each month of such period, by (ii) the number of months in such period.3 “Quarterly average paying users” refers to the average paying users for each quarter during a given period of time calculated by dividing (i) the sum of paying users for each quarter of such period, by (ii) the number of quarters in such period. “Paying user” refers to a registered user that has purchased virtual gifts on the DouYu platform at least once during the relevant period.4 “Monthly average paying users” refers to the monthly average number of paying users during a given period of time calculated by dividing (i) the sum of paying users in each month of such period, by (ii) the number of months in such period. “Paying user” refers to a registered user that has purchased virtual gifts on the DouYu platform at least once during the relevant period.5 Each ADS represents one ordinary share for the relevant period and calendar year. (1) Translations of certain RMB amounts into U.S. dollars at a specified rate are solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB6.8980 to US$1.00, the noon buying rate in effect on March 31, 2026, in the H.10 statistical release of the Federal Reserve Board. (1) Translations of certain RMB amounts into U.S. dollars at a specified rate are solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB6.8980 to US$1.00, the noon buying rate in effect on March 31, 2026, in the H.10 statistical release of the Federal Reserve Board. (1) Translations of certain RMB amounts into U.S. dollars at a specified rate are solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB6.8980 to US$1.00, the noon buying rate in effect on March 31, 2026, in the H.10 statistical release of the Federal Reserve Board.(2) Every one ADS represents one ordinary share. (1) Translations of certain RMB amounts into U.S. dollars at a specified rate are solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB6.8980 to US$1.00, the noon buying rate in effect on March 31, 2026, in the H.10 statistical release of the Federal Reserve Board.(2) Impairment losses and fair value adjustments on investments were included in the line item "Other expenses, net" of condensed consolidated statements of income (loss).(3) Every one ADS represents one ordinary share.

WUHAN, China, March 25, 2026 /PRNewswire/ -- DouYu International Holdings Limited ("DouYu" or the "Company") (Nasdaq: DOYU), a leading game-centric live streaming platform in China and a pioneer in the eSports value chain, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2025. Fourth Quarter 2025 Financial Highlights Total net revenues in the fourth quarter of 2025 were RMB918.8 million (US$131.4 million), compared with RMB1,136.0 million in the same period of 2024. Gross profit in the fourth quarter of 2025 was RMB118.0 million (US$16.9 million), compared with RMB69.8 million in the same period of 2024. Income from operations in the fourth quarter of 2025 was RMB4.7 million (US$0.7 million), compared with a loss from operations of RMB192.9 million in the same period of 2024. Net income in the fourth quarter of 2025 was RMB1.4 million (US$0.2 million), compared with a net loss of RMB173.1 million in the same period of 2024. Adjusted net income (non-GAAP)[1] in the fourth quarter of 2025 was RMB12.6 million (US$1.8 million), compared with an adjusted net loss (non-GAAP) of RMB78.2 million in the same period of 2024. Full Year 2025 Financial Highlights Total net revenues for the full year of 2025 were RMB3,818.9 million (US$546.1 million), compared with RMB4,270.8 million for the full year of 2024. Gross profit for the full year of 2025 was RMB489.5 million (US$70.0 million), compared with RMB323.8 million for the full year of 2024. Net loss for the full year of 2025 was RMB29.1 million (US$4.2 million), compared with RMB306.8 million for the full year of 2024. Adjusted net income (non-GAAP) for the full year of 2025 was RMB40.2 million (US$5.7 million), compared with an adjusted net loss (non-GAAP) of RMB249.2 million for the full year of 2024. Ms. Simin Ren, Co-Chief Executive Officer of DouYu, commented, "Through the collective efforts of the entire DouYu team, we significantly improved our overall business performance in 2025 compared with 2024, despite a challenging external environment. Over the past year, we have made notable strides in diversifying our revenue and improving cost efficiency. Revenues from our innovative business, advertising and other sector grew 37% year over year, strengthening our competitive resilience and markedly enhancing financial sustainability. These accomplishments have laid a solid foundation for our long-term growth. In the fourth quarter, we remained focused on our core business and continued to enhance user experience. We refreshed our brand image and introduced our new slogan, 'See Every Passion.' We also resumed hosting in-person events with the Optics Valley ESports Carnival, attracting tens of millions of participants, both online and offline. Looking ahead, we will continue to place user passion at the center of our strategy, improve the quality of our content and services and drive ongoing innovation to create long-term value." Mr. Hao Cao, Vice President of DouYu, commented, "In the fourth quarter of 2025, amid continued pressure on our live streaming business, we sustained profitability and steady cash flow by focusing on operational efficiency. On a full-year basis, our financial capability saw substantial development. Gross margin reached 12.8% in 2025, a significant improvement from 7.6% in 2024. Adjusted net income turned positive at RMB40.2 million, compared with an adjusted net loss of RMB249.2 million in 2024. Our revenue diversification and cost-efficiency initiatives and optimized resource allocation have bolstered financial resilience, providing a stronger foundation for the Company to maintain robust operations and pursue healthy growth in a competitive environment." Fourth Quarter 2025 Operational Highlights In the fourth quarter, average mobile MAUs[2] were 27.6 million, compared with 30.5 million in the third quarter of 2025, primarily attributable to the continued impact of cost structure optimization and a more disciplined content supply strategy, as well as the ongoing reduction of low-ROI events. These adjustments reduced retention and engagement among light users. Core users and paying users were relatively less affected, with the number of paying users remaining stable. We will continue to improve the user experience through innovations in activity design, monetization models and collaboration approaches to further enhance the efficiency and appeal of our events and content offerings. During the fourth quarter, we co-hosted tournaments and offline events and will continue to explore new formats for events and content going forward. In the fourth quarter, the number of quarterly average paying users[3] for live streaming-related business was 2.6 million, with a quarterly ARPPU of RMB230. The slight decrease in paying users was primarily attributable to weaker consumer spending amid the prevailing macroeconomic environment as well as fewer promotional activities resulting from adjustments to our platform's operational strategy. In the fourth quarter, revenues from our voice-based social networking business reached RMB271.0 million. Average MAUs for the voice-based social networking business for the fourth quarter were 286,300, with 63,600 monthly average paying users[4]. During the quarter, we focused on optimizing the traffic distribution mechanism and resource allocation efficiency for the voice business. These efforts enhanced the business' profitability while maintaining a healthy community ecosystem, delivering performance in line with our expectations. Fourth Quarter 2025 Financial Results Total net revenues in the fourth quarter of 2025 decreased by 19.1% to RMB918.8 million (US$131.4 million), compared with RMB1,136.0 million in the same period of 2024. Livestreaming revenues in the fourth quarter of 2025 decreased by 29.8% to RMB513.0 million (US$73.4 million) from RMB730.9 million in the same period of 2024, primarily driven by the decrease in both the number of total paying users and average revenue per paying user as a result of fewer promotional activities and reduced consumer spending amid the prevailing macroeconomic environment. Innovative business, advertising and other revenues in the fourth quarter of 2025 increased by 0.2% to RMB405.8 million (US$58.0 million) from RMB405.1 million in the same period of 2024, primarily attributable to increased revenues from our voice-based social networking service and seasonal fluctuations in gaming membership revenues. Cost of revenues in the fourth quarter of 2025 decreased by 24.9% to RMB800.8 million (US$114.5 million) from RMB1,066.2 million in the same period of 2024. Revenue-sharing fees and content costs in the fourth quarter of 2025 decreased by 25.3% to RMB669.6 million (US$95.7 million) from RMB896.2 million in the same period of 2024, primarily driven by reductions in content costs as part of our cost optimization efforts, as well as lower revenue-sharing fees resulting from decreased live streaming revenues. Bandwidth costs in the fourth quarter of 2025 decreased by 32.2% to RMB47.7 million (US$6.8 million) from RMB70.3 million in the same period of 2024, primarily attributable to improved bandwidth allocation and a year-over-year decrease in peak bandwidth usage. Gross profit in the fourth quarter of 2025 increased by 69.1% to RMB118.0 million (US$16.9 million) from RMB69.8 million in the same period of 2024, primarily driven by lower content and bandwidth costs. Gross margin in the fourth quarter of 2025 increased to 12.8% from 6.1% in the same period of 2024. Sales and marketing expenses in the fourth quarter of 2025 decreased by 40.0% to RMB47.6 million (US$6.8 million) from RMB79.3 million in the same period of 2024, primarily attributable to lower promotional expenses and reduced staff-related expenses. Research and development expenses in the fourth quarter of 2025 decreased by 1.0% to RMB33.8 million (US$4.8 million) from RMB34.2 million in the same period of 2024, primarily attributable to lower staff-related expenses. General and administrative expenses in the fourth quarter of 2025 decreased by 62.6% to RMB26.8 million (US$3.8 million) from RMB71.7 million in the same period of 2024, primarily attributable to the absence of one-off employee-streamlining expenses incurred in the same period last year and lower staff-related expenses. Income from operations in the fourth quarter of 2025 was RMB4.7 million (US$0.7 million), compared with a loss from operations of RMB192.9 million in the same period of 2024. Net income in the fourth quarter of 2025 was RMB1.4 million (US$0.2 million), compared with a net loss of RMB173.1 million in the same period of 2024. Adjusted net income (non-GAAP), which is calculated as net income excluding share of loss in equity method investments and impairment losses and fair value adjustments on investments, was RMB12.6 million (US$1.8 million) in the fourth quarter of 2025, compared with an adjusted net loss (non-GAAP) of RMB78.2 million in the same period of 2024. Basic and diluted net income per ADS[5] in the fourth quarter of 2025 were both RMB0.05 (US$0.01). Adjusted basic and diluted net income per ADS (non-GAAP) in the fourth quarter of 2025 were both RMB0.42 (US$0.06). Full Year 2025 Financial Results Total net revenues for the full year of 2025 were RMB3,818.9 million (US$546.1 million), compared with RMB4,270.8 million in the same period of 2024, primarily driven by the year-over-year decrease in live streaming revenues, which was partially offset by the increase in innovative business, advertising and other revenues. Gross profit for the full year of 2025 was RMB489.5 million (US$70.0 million), compared with RMB323.8 million in the same period of 2024. Adjusted net income (non-GAAP), which is calculated as net income excluding share of loss in equity method investments and impairment losses and fair value adjustments on investments, was RMB40.2 million (US$5.7 million) for the full year of 2025, compared with an adjusted net loss (non-GAAP) of RMB249.2 million in the same period of 2024. Basic and diluted net loss per ADS for the full year of 2025 were both RMB0.96 (US$0.14). Adjusted basic and diluted net income per ADS (non-GAAP) for the full year of 2025 were both RMB1.33 (US$0.19). Cash and cash equivalents, restricted cash and bank deposits As of December 31, 2025, the Company had cash and cash equivalents, restricted cash, restricted cash in other non-current assets, and short-term and long-term bank deposits of RMB2,283.7 million (US$326.6 million), compared with RMB4,467.8 million as of December 31, 2024. The decrease was primarily attributable to a special cash dividend of US$300 million. About DouYu International Holdings Limited Headquartered in Wuhan, China, DouYu International Holdings Limited (Nasdaq: DOYU) is a leading game-centric live streaming platform in China and a pioneer in the eSports value chain. DouYu operates its platform on both PC and mobile apps to bring users access to immersive and interactive games and entertainment live streaming, a wide array of video and graphic content, as well as opportunities to participate in community events and discussions. By nurturing a sustainable technology-based talent development system and relentlessly producing high-quality content, DouYu consistently delivers premium content through the integration of live streaming, video, graphics, and virtual communities with a primary focus on games. This enables DouYu to continuously enhance its user experience and pursue long-term healthy development. For more information, please see http://ir.douyu.com. Use of Non-GAAP Financial Measures Adjusted (loss) income from operations is calculated as (loss) income from operations adjusted for Impairment of goodwill and intangible assets. Adjusted net (loss) income is calculated as net (loss) income adjusted for share of (income) loss in equity method investments, impairment losses and fair value adjustments on investments, and impairment losses of intangible assets. Adjusted net (loss) income attributable to DouYu is calculated as net (loss) income attributable to DouYu adjusted for share of (income) loss in equity method investments, impairment losses and fair value adjustments on investments, and impairment losses of intangible assets. Adjusted basic and diluted net (loss) income per ordinary share is non-GAAP net (loss) income attributable to ordinary shareholders divided by the weighted average number of ordinary shares used in the calculation of non-GAAP basic and diluted net (loss) income per ordinary share. The Company adjusted the impact of (i) share of (income) loss in equity method investments, (ii) impairment losses and fair value adjustments on investments, and (iii) Impairment losses of intangible assets to understand and evaluate the Company's core operating performance. The non-GAAP financial measures are presented to enhance investors' overall understanding of the Company's financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with U.S. GAAP. Investors are encouraged to review the reconciliation of the historical non-GAAP financial measures to their most directly comparable GAAP financial measures. As non-GAAP financial measures have material limitations as analytical metrics and may not be calculated 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 non-GAAP financial measures as a substitute for, or superior to, such metrics in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned "Reconciliations of GAAP and Non-GAAP Results" near the end of this release. 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 RMB6.9931 to US$1.00, the noon buying rate in effect on December 31, 2025, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB amounts could have been, or could be, converted, realized, or settled in U.S. dollars, at that rate on December 31, 2025, or at any other rate. Safe Harbor Statement This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and 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: the Company's results of operations and financial condition; the Company's business strategies and plans; general market conditions, in particular, the game live streaming market; the ability of the Company to retain and grow active and paying users; changes in general economic and business conditions in China; any adverse changes in laws, regulations, rules, policies or guidelines applicable to the Company; and assumptions underlying or related to any of the foregoing. In some cases, forward-looking statements can be identified by words or phrases such as "may," "will," "expect," "anticipate," "target," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. The announced results of the fourth quarter and full year of 2025 are preliminary and unaudited. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law. Investor Relations Contact In China: In the United States: View original content:https://www.prnewswire.com/news-releases/douyu-international-holdings-limited-reports-fourth-quarter-and-full-year-2025-unaudited-financial-results-302724599.html

WUHAN, China, Nov. 20, 2025 /PRNewswire/ -- DouYu International Holdings Limited ("DouYu" or the "Company") (Nasdaq: DOYU), a leading game-centric live streaming platform in China and a pioneer in the eSports value chain, today announced its unaudited financial results for the third quarter ended September 30, 2025. Third Quarter 2025 Financial Highlights Total net revenues in the third quarter of 2025 were RMB899.1 million (US$126.3 million), compared with RMB1,063.1 million in the same period of 2024. Gross profit in the third quarter of 2025 was RMB116.1 million (US$16.3 million), an increase of 90.9% from RMB60.8 million in the same period of 2024. Income from operations in the third quarter of 2025 was RMB11.9 million (US$1.7 million), compared with a loss from operations of RMB94.2 million in the same period of 2024. Net income in the third quarter of 2025 was RMB11.3 million (US$1.6 million), an increase of 232.8% from RMB3.4 million in the same period of 2024. Adjusted net income (non-GAAP)[1] in the third quarter of 2025 was RMB23.1 million (US$3.3 million), compared with an adjusted net loss (non-GAAP) of RMB39.8 million in the same period of 2024. Ms. Simin Ren, Co-Chief Executive Officer of DouYu, commented, "In the third quarter of 2025, we refined our strategy amid shifting market dynamics and user demand, placing greater focus on value chain integration and synergy. We further optimized our operational model and strategies to enhance our agility and responsiveness, allowing us to meet the players' needs and capture business opportunities more effectively. During the quarter, we continued to upgrade our content and products ecosystem by enriching select premium offerings, such as e-sports tournaments, and launching AI-powered bullet comment features that make it easier for our users to enjoy our premium content and engage with our vibrant communities. Meanwhile, our profitability continued to improve, with gross profit and net income both achieving year-over-year growth while income from operations returning to positive territory in the third quarter. In an increasingly complex and fast-changing environment, we are shoring up our foundational strengths and remain committed to delivering long-term value to our users and shareholders." Mr. Hao Cao, Vice President of DouYu, commented, "Our third quarter 2025 results demonstrate our ongoing resilience and improving profitability. During the quarter, our income from operations reached RMB11.9 million, and GAAP net income grew 232.8% year over year to RMB11.3 million. In addition, our adjusted net income (non-GAAP) was RMB23.1 million, compared with a loss in the same period last year. By continuing to enhance our content supply and further refining our operating model, we have steadily improved our operational efficiency and optimized costs and expenses. These results reflect our growing sustainable development capabilities. Looking ahead, as the market conditions remain challenging, we will continue to focus on further optimizing our resource allocation, enhancing operational efficiency, and bolstering financial resilience to create long-term value." Third Quarter 2025 Operational Highlights In the third quarter, average mobile MAUs[2] were 30.5 million, down 27.5% year over year from 42.1 million in the same period of 2024. The decline was mainly due to the lagging effects of our content supply adjustments and cost-structure optimization, which led to lower user engagement and activity. In the third quarter, the number of quarterly average paying users[3] for livestreaming-related business was 2.7 million with a quarterly ARPPU of RMB205. Compared with 2.8 million paying users in the second quarter, the slight sequential decrease in paying users was mainly attributable to reduced consumer spending amid the prevailing macroeconomic environment as well as fewer promotional activities resulting from adjustments in our platform's operational strategy and seasonal factors during the quarter. In the third quarter, revenues from our voice-based social networking business reached RMB275.9 million. Our average MAUs for the voice-based social networking business for the third quarter were 368,600, with monthly average paying users[4] of 71,700. During the quarter, we focused on optimizing the traffic distribution mechanism and resource allocation efficiency for this business. These efforts enhanced the business's profitability while maintaining a healthy community ecosystem. Third Quarter 2025 Financial Results Total net revenues in the third quarter of 2025 were RMB899.1 million (US$126.3 million), compared with RMB1,063.1 million in the same period of 2024. Livestreaming revenues in the third quarter of 2025 decreased by 30.6% to RMB522.1 million (US$73.3 million) from RMB752.1 million in the same period of 2024. The decrease was primarily due to decreases in both the number of total paying users and average revenue per paying user, as a result of fewer promotional activities in the quarter and continued moderation in the operating environment. Innovative business, advertising and other revenues (formerly known as advertising and other revenues) in the third quarter of 2025 increased by 21.2% to RMB377.0 million (US$53.0 million) from RMB311.0 million in the same period of 2024.The increase was attributed to higher revenues from our voice-based social networking service, driven by the year-over-year growth of both paying users and ARPPU of the service. Cost of revenues in the third quarter of 2025 decreased by 21.9% to RMB783.0 million (US$110.0 million) from RMB1,002.3 million in the same period of 2024. Revenue-sharing fees and content costs in the third quarter of 2025 decreased by 20.7% to RMB689.8 million (US$96.9 million) from RMB869.6 million in the same period of 2024, primarily driven by a significant reduction in content costs as part of our cost optimization efforts, and a decrease in revenue-sharing fees due to lower livestreaming revenues. The decrease was partially offset by increased revenue-sharing fees related to revenue growth in our voice-based social networking service. Bandwidth costs in the third quarter of 2025 decreased by 34.2 % to RMB47.5 million (US$6.7 million) from RMB72.2 million in the same period of 2024, primarily attributable to our bandwidth allocation advancement and a year-over-year decrease in peak bandwidth usage. Gross profit in the third quarter of 2025 increased by 90.9% to RMB116.1 million (US$16.3 million) from RMB60.8 million in the same period of 2024, primarily driven by a decline in our content costs and bandwidth costs. Gross margin in the third quarter of 2025 was 12.9%, increasing from 5.7% in the same period of 2024. Sales and marketing expenses in the third quarter of 2025 decreased by 34.0% to RMB52.3 million (US$7.4 million) from RMB79.3 million in the same period of 2024, primarily attributable to reductions in staff-related expenses. Research and development expenses in the third quarter of 2025 decreased by 37.8% to RMB26.9 million (US$3.8 million) from RMB43.2 million in the same period of 2024, primarily attributable to a decrease in staff-related expenses. General and administrative expenses in the third quarter of 2025 decreased by 14.9% to RMB35.3million (US$5.0 million) from RMB41.5 million in the same period of 2024, primarily attributable to reductions in staff-related expenses and professional fees. Income from operations in the third quarter of 2025 was RMB11.9 million (US$1.7 million), compared with a loss from operations of RMB94.2 million in the same period of 2024. Net income in the third quarter of 2025 was RMB11.3 million (US$1.6 million), compared with RMB3.4 million in the same period of 2024, representing an improvement of 232.8% year-over-year. Adjusted net income (non-GAAP), which is calculated as net income excluding share of loss in equity method investments and impairment losses and fair value adjustments on investments, was RMB23.1 million (US$3.3 million) in the third quarter of 2025, compared with an adjusted net loss (non-GAAP) of RMB39.8 million in the same period of 2024. Basic and diluted net income per ADS5 in the third quarter of 2025 were both RMB0.38 (US$0.05). Adjusted basic and diluted net income per ADS (non-GAAP) in the third quarter of 2025 were both RMB0.77 (US$0.11). Cash and cash equivalents, restricted cash and bank deposits As of September 30, 2025, the Company had cash and cash equivalents, restricted cash, restricted cash in other non-current assets, and short-term and long-term bank deposits of RMB2,221.6 million (US$312.1 million), compared with RMB4,467.8 million as of December 31, 2024. The decrease was primarily due to a special cash dividend distribution of US$300 million in February 2025. About DouYu International Holdings Limited Headquartered in Wuhan, China, DouYu International Holdings Limited (Nasdaq: DOYU) is a leading game-centric live streaming platform in China and a pioneer in the eSports value chain. DouYu operates its platform on both PC and mobile apps to bring users access to immersive and interactive games and entertainment livestreaming, a wide array of video and graphic content, as well as opportunities to participate in community events and discussions. By nurturing a sustainable technology-based talent development system and relentlessly producing high-quality content, DouYu consistently delivers premium content through the integration of livestreaming, video, graphics, and virtual communities with a primary focus on games. This enables DouYu to continuously enhance its user experience and pursue long-term healthy development. For more information, please see http://ir.douyu.com. Use of Non-GAAP Financial Measures Adjusted net (loss) income is calculated as net income (loss) adjusted for share of loss (income) in equity method investments and impairment losses and fair value adjustments on investments. Adjusted net (loss) income attributable to DouYu is calculated as net income (loss) attributable to DouYu adjusted for share of loss (income) in equity method investments and impairment losses and fair value adjustments on investments. Adjusted basic and diluted net (loss) income per ordinary share is non-GAAP net (loss) income attributable to ordinary shareholders divided by the weighted average number of ordinary shares used in the calculation of non-GAAP basic and diluted net (loss) income per ordinary share. The Company adjusted the impact of (i) share of loss (income) in equity method investments, and (ii) impairment losses and fair value adjustments on investments to understand and evaluate the Company's core operating performance. The non-GAAP financial measures are presented to enhance investors' overall understanding of the Company's financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with U.S. GAAP. Investors are encouraged to review the reconciliation of the historical non-GAAP financial measures to their most directly comparable GAAP financial measures. As non-GAAP financial measures have material limitations as analytical metrics and may not be calculated 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 non-GAAP financial measures as a substitute for, or superior to, such metrics in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned "Reconciliations of GAAP and Non-GAAP Results" near the end of this release. 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 RMB amounts could have been, or could be, converted, realized, or settled in U.S. dollars, at that rate on September 30, 2025, or at any other rate. Safe Harbor Statement This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward- looking statements involve inherent risks and uncertainties, and 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: the Company's results of operations and financial condition; the Company's business strategies and plans; general market conditions, in particular, the game live streaming market; the ability of the Company to retain and grow active and paying users; changes in general economic and business conditions in China; any adverse changes in laws, regulations, rules, policies or guidelines applicable to the Company; and assumptions underlying or related to any of the foregoing. In some cases, forward-looking statements can be identified by words or phrases such as "may," "will," "expect," "anticipate," "target," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law. Investor Relations Contact In China: In the United States: View original content:https://www.prnewswire.com/news-releases/douyu-international-holdings-limited-reports-third-quarter-2025-unaudited-financial-results-302621425.html

WUHAN, China, Aug. 18, 2025 /PRNewswire/ -- DouYu International Holdings Limited ("DouYu" or the "Company") (Nasdaq: DOYU), a leading game-centric live streaming platform in China and a pioneer in the eSports value chain, today announced its unaudited financial results for the second quarter ended June 30, 2025. Second Quarter 2025 Financial Highlights Total net revenues in the second quarter of 2025 were RMB1,053.9 million (US$147.1 million), an increase of 2.1% from RMB1,032.0 million in the same period of 2024. Gross profit in the second quarter of 2025 was RMB141.9 million (US$19.8 million), an increase of 68.5% from RMB84.2 million in the same period of 2024. Income from operations in the second quarter of 2025 was RMB14.2 million (US$2.0 million), compared with a loss from operations of RMB119.6 million in the same period of 2024. Net income in the second quarter of 2025 was RMB37.8 million (US$5.3 million), compared with a net loss of RMB49.2 million in the same period of 2024. Adjusted net income (non-GAAP)[1] in the second quarter of 2025 was RMB25.3 million (US$3.5 million), compared with an adjusted net loss (non-GAAP) of RMB45.5 million in the same period of 2024. Ms. Simin Ren, Co-Chief Executive Officer of DouYu, commented, "Against the backdrop of a volatile macro environment and intensifying industry competition, we remained focused on advancing our revenue diversification and cost efficiency strategies. During the quarter, we continued to optimize our live-streaming business, while also advancing monetization of our innovative business lines through expanded industry collaborations and upgraded promotion strategies. Seasonal promotions drove a 24.5% quarter-over-quarter increase in revenue from our Innovative business, advertising and others segment, underscoring our strong execution. Looking ahead, we will continue to enhance user experience and optimize cost efficiency as we navigate the evolving macro conditions. We remain dedicated to offering premium products such as gaming tournaments and entertainment events, while ensuring the sustainable development of our platform and content ecosystem." Mr. Hao Cao, Vice President of DouYu, commented, "In the second quarter, our game membership program and voice-based social networking business continued to demonstrate healthy momentum, further diversifying our revenue structure. Revenues from Innovative businesses, advertising and others rose to RMB476.1 million and accounted for 45.2% of total revenue, compared with 23.4% in the same period last year. In addition, total revenue for the quarter grew 2.1% year-over-year to RMB1.05 billion. Our effective cost efficiency initiatives also drove a return to profitability for the quarter, with gross margin expanding to 13.5%. Net profit reached RMB37.8 million and adjusted net profit was RMB25.3 million, marking a meaningful turnaround. While we expect the livestreaming industry to grow more complex and volatile in the second half of the year, we are well prepared and will continue executing our strategies with discipline and consistency to address the challenges ahead." Second Quarter 2025 Operational Highlights In the second quarter, average mobile MAUs[2] of our livestreaming-related business were 36.4 million, down 11.4% year-over-year, which aligns with our content cost optimization strategy. This decline was largely due to fewer official tournament broadcasts and a reduction in related derivative content offerings on the platform. In the second quarter, the number of quarterly average paying users[3] for livestreaming-related business was 2.8 million, with a quarterly ARPPU of RMB255. Compared with 2.9 million paying users in the first quarter, the slight sequential decline in paying users was mainly due to sustained weakness in consumer spending amid prevailing macro conditions, as well as adjustments in our operational strategies, including the scaling back of low-ROI operational activities and a reduction in content offerings. In the second quarter, revenues from our voice-based social networking business reached RMB295.8 million. We continued to refine our application products and optimize traffic distribution strategies, maintaining a consistent revenue performance sequentially. Our average MAUs for voice-based social networking business for the second quarter were 462,800, with monthly average paying users[4] of 81,000. Second Quarter 2025 Financial Results Total net revenues in the second quarter of 2025 increased by 2.1% to RMB1053.9 million (US$147.1 million), compared with RMB1,032.0 million in the same period of 2024. Livestreaming revenues in the second quarter of 2025 decreased by 26.9% to RMB577.8 million (US$80.7 million) from RMB790.1 million in the same period of 2024. The decrease was primarily due to decreases in both the number of total paying users and average revenue per paying user, as a result of fewer low-ROI operating activities and content offered in the quarter and continued moderation in the operating environment. Innovative business, advertising and other revenues (formerly known as advertising and other revenues) in the second quarter of 2025 increased by 96.8% to RMB476.1 million (US$66.5 million) from RMB242.0 million in the same period of 2024. The increase was primarily driven by higher revenues from our voice-based social networking service and game membership service. Cost of revenues in the second quarter of 2025 decreased by 3.8% to RMB912.0 million (US$127.3 million) from RMB947.8 million in the same period of 2024. Revenue-sharing fees and content costs in the second quarter of 2025 decreased by 9.5% to RMB727.3 million (US$101.5 million) from RMB803.4 million in the same period of 2024. The decrease was primarily driven by a significant reduction in content costs as part of our cost structure optimization efforts, as well as a decrease in revenue-sharing fees due to lower livestreaming revenues. The decrease was partially offset by increased revenue-sharing fees related to revenue growth in our voice-based social networking service. Bandwidth costs in the second quarter of 2025 decreased by 38.9% to RMB48.6 million (US$6.8 million) from RMB79.6 million in the same period of 2024. The decline was primarily due to our bandwidth allocation advancement and a year-over-year decrease in peak bandwidth usage. Gross profit in the second quarter of 2025 increased by 68.5% to RMB141.9 million (US$19.8 million) from RMB84.2 million in the same period of 2024. The increase in gross profit was primarily driven by decreases in our content costs and bandwidth costs. Gross margin in the second quarter of 2025 was 13.5%, compared with 8.2% in the same period of 2024. Sales and marketing expenses in the second quarter of 2025 decreased by 20.0% to RMB61.6 million (US$8.6 million) from RMB77.0 million in the same period of 2024. The decrease was mainly attributable to reductions in staff-related and promotion-related expenses. Research and development expenses in the second quarter of 2025 decreased by 44.9% to RMB27.6 million (US$3.9 million) from RMB50.1 million in the same period of 2024. The decrease was mainly attributable to a decrease in staff-related expenses. General and administrative expenses in the second quarter of 2025 decreased by 17.9% to RMB39.8 million (US$5.6 million) from RMB48.5 million in the same period of 2024. The decrease was mainly attributable to reductions in staff-related expenses and professional fees. Income from operations in the second quarter of 2025 was RMB14.2 million (US$2.0 million), compared with a loss from operations of RMB119.6 million in the same period of 2024. Net income in the second quarter of 2025 was RMB37.8 million (US$5.3 million), compared with a net loss of RMB49.2 million in the same period of 2024. Adjusted net income (non-GAAP), which excludes net income excluding share of loss in equity method investments and impairment losses and fair value adjustments on investments, was RMB25.3 million (US$3.5 million) in the second quarter of 2025, compared with an adjusted net loss (non-GAAP) of RMB45.5 million in the same period of 2024. Basic and diluted net income per ADS[5] in the second quarter of 2025 were both RMB1.25 (US$0.17). Adjusted basic and diluted net income per ADS (non-GAAP) in the second quarter of 2025 were both RMB0.84 (US$0.12). Cash and cash equivalents, restricted cash and bank deposits As of June 30, 2025, the Company had cash and cash equivalents, restricted cash, restricted cash in other non-current assets, and short-term and long-term bank deposits of RMB2,311.2 million (US$322.6 million), compared with RMB4,467.8 million as of December 31, 2024. The decrease was primarily due to a special cash dividend distribution of US$300 million in February 2025. About DouYu International Holdings Limited Headquartered in Wuhan, China, DouYu International Holdings Limited (Nasdaq: DOYU) is a leading game-centric live streaming platform in China and a pioneer in the eSports value chain. DouYu operates its platform on both PC and mobile apps to bring users access to immersive and interactive games and entertainment livestreaming, a wide array of video and graphic content, as well as opportunities to participate in community events and discussions. By nurturing a sustainable technology-based talent development system and relentlessly producing high-quality content, DouYu consistently delivers premium content through the integration of livestreaming, video, graphics, and virtual communities with a primary focus on games. This enables DouYu to continuously enhance its user experience and pursue long-term healthy development. For more information, please see http://ir.douyu.com. Use of Non-GAAP Financial Measures Adjusted (loss) income from operations is calculated as (loss) income from operations adjusted for Impairment of goodwill and intangible assets. Adjusted net (loss) income is calculated as net (loss) income adjusted for share of income (loss) in equity method investments, impairment losses and fair value adjustments on investments and impairment losses of goodwill and intangible assets. Adjusted net (loss) income attributable to DouYu is calculated as net (loss) income attributable to DouYu adjusted for share of income (loss) in equity method investments, impairment losses and fair value adjustments on investments, and impairment losses of goodwill and intangible assets. Adjusted basic and diluted net (loss) income per ordinary share is non-GAAP net (loss) income attributable to ordinary shareholders divided by the weighted average number of ordinary shares used in the calculation of non-GAAP basic and diluted net (loss) income per ordinary share. The Company adjusted the impact of (i) share of income (loss) in equity method investments, (ii) impairment losses and fair value adjustments on investments, and (iii) impairment losses of goodwill and intangible assets to understand and evaluate the Company's core operating performance.The non-GAAP financial measures are presented to enhance investors' overall understanding of the Company's financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with U.S. GAAP. Investors are encouraged to review the reconciliation of the historical non-GAAP financial measures to their most directly comparable GAAP financial measures. As non-GAAP financial measures have material limitations as analytical metrics and may not be calculated 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 non-GAAP financial measures as a substitute for, or superior to, such metrics in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned "Reconciliations of GAAP and Non-GAAP Results" near the end of this release. 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 RMB7.1636 to US$1.00, the noon buying rate in effect on June 30, 2025, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB amounts could have been, or could be, converted, realized, or settled in U.S. dollars, at that rate on June 30, 2025, or at any other rate. Safe Harbor Statement This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward- looking statements involve inherent risks and uncertainties, and 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: the Company's results of operations and financial condition; the Company's business strategies and plans; general market conditions, in particular, the game live streaming market; the ability of the Company to retain and grow active and paying users; changes in general economic and business conditions in China; any adverse changes in laws, regulations, rules, policies or guidelines applicable to the Company; and assumptions underlying or related to any of the foregoing. In some cases, forward-looking statements can be identified by words or phrases such as "may," "will," "expect," "anticipate," "target," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law. Investor Relations Contact In China: In the United States: View original content:https://www.prnewswire.com/news-releases/douyu-international-holdings-limited-reports-second-quarter-2025-unaudited-financial-results-302532041.html SOURCE DouYu International Holdings Limited

WUHAN, China, May 20, 2025 /PRNewswire/ -- DouYu International Holdings Limited ("DouYu" or the "Company") (Nasdaq: DOYU), a leading game-centric live streaming platform in China and a pioneer in the eSports value chain, today announced its unaudited financial results for the first quarter ended March 31, 2025. First Quarter 2025 Financial Highlights Total net revenues in the first quarter of 2025 were RMB947.1 million (US$130.5 million), compared with RMB1,039.7 million in the same period of 2024. Gross profit in the first quarter of 2025 was RMB113.5 million (US$15.6 million), increased by 4.1% from RMB109.0 million in the same period of 2024. Loss from operations in the first quarter of 2025 was RMB26.1 million (US$3.6 million), reduced by 84.3% from RMB166.9 million in the same period of 2024. Net loss in the first quarter of 2025 was RMB79.6 million (US$11.0 million), reduced by 9.5% from RMB88.0 million in the same period of 2024. Adjusted net loss (non-GAAP)[1] in the first quarter of 2025 was RMB20.9 million (US$2.9 million), reduced by 75.6% from RMB85.7 million in the same period of 2024. Ms. Simin Ren, Co-Chief Executive Officer of DouYu, commented, "In the first quarter of 2025, we focused on advancing our strategic revenue diversification and cost-efficiency initiatives. The effective execution of these strategies improved our gross margin and significantly narrowed our loss from operations year-over year. We ramped up our commercialization collaborations with game developers and refined the operation and promotion of our voice-based business, driving continued growth momentum in our innovative business. We also initiated staged optimization of our traditional business's cost structure, dynamically adjusting our streamers' resources to better align content supply with the platform's evolving needs. While these adjustments may lead to fluctuations in our platform traffic and revenues period-to-period, we believe they are necessary steps to improving operational efficiency and supporting the Company's healthy, sustainable long-term development and growth." Mr. Hao Cao, Vice President of DouYu, commented, "In the first quarter, our game-specific membership service and voice-based social networking business delivered a strong performance, driving revenues from our innovative business, advertising and others up 60.2% year-over-year to RMB382.6 million. The momentum also boosted the contribution from these businesses to 40.4% of total revenues, up from 23.0% in the same period last year. Our cost structure and operational efficiency initiatives also began yielding measurable results, with gross margin reaching 12.0% in the first quarter, up 5.9 and 1.5 percentage points sequentially and year-over-year, respectively. Moreover, we reduced our net loss and adjusted net loss to RMB79.6 million and RMB20.9 million, respectively. Moving forward, by continuing to execute our strategy of "cost reduction, efficiency improvement and loss narrowing," we will enhance the Company's financial resilience, advance balanced business growth and create long-term value for our shareholders." First Quarter 2025 Operational Highlights In the first quarter, average mobile MAUs[2] were 41.4 million, down 8.7% year-over-year, which aligns with our content cost optimization strategy. This decline was largely due to fewer official tournament broadcasts and a reduction in related derivative content offerings on the platform. In the first quarter, the number of quarterly average paying users[3] for livestreaming-related business was 2.9 million, with a quarterly ARPPU of RMB216. The decline in paying users mainly stemmed from adjustments in our operational strategies, the scaling back of our platform's low-ROI operational activities, and sustained weakness in consumer spending amid a soft macroeconomic landscape. In the first quarter, revenues from our voice-based social networking business reached RMB290.1 million. During the Chinese New Year holiday, we launched a series of targeted marketing campaigns, supported by highly efficient traffic distribution strategies that effectively boosted user engagement and payment conversion rates. Our average MAUs for voice-based social networking business for the first quarter were 498,400, with monthly average paying users[4] of 82,900. First Quarter 2025 Financial Results Total net revenues in the first quarter of 2025 decreased by 8.9% to RMB947.1 million (US$130.5 million), compared with RMB1,039.7 million in the same period of 2024. Livestreaming revenues in the first quarter of 2025 decreased by 29.5% to RMB564.5 million (US$77.8 million) from RMB800.9 million in the same period of 2024. The decrease was primarily due to decreases in both the number of total paying users and average revenue per paying user, as a result of fewer low-ROI operating activities held in the quarter and continued macroeconomic softness. Innovative business, advertising and other revenues (formerly known as advertising and other revenues) in the first quarter of 2025 increased by 60.2% to RMB382.6 million (US$52.7 million) from RMB238.8 million in the same period of 2024. The increase was primarily driven by higher revenues from our voice-based social networking service and game membership service. Cost of revenues in the first quarter of 2025 decreased by 10.4% to RMB833.5 million (US$114.9 million) from RMB930.7 million in the same period of 2024. Revenue-sharing fees and content costs in the first quarter of 2025 decreased by 11.1% to RMB705.6 million (US$97.2 million) from RMB793.9 million in the same period of 2024. For comparison purposes, we reclassified certain costs related to our innovative business from other costs to revenue-sharing fees for the first quarter of 2024. The decrease was primarily driven by a significant reduction in content costs as part of our cost structure optimization efforts, as well as a decrease in revenue-sharing fees due to lower livestreaming revenues. The decrease was partially offset by increased revenue-sharing fees related to revenue growth in our voice-based social networking service. Bandwidth costs in the first quarter of 2025 decreased by 31.6% to RMB56.4 million (US$7.8 million) from RMB82.5 million in the same period of 2024. The decline was primarily due to our bandwidth allocation advancement and a year-over-year decrease in peak bandwidth usage. Gross profit in the first quarter of 2025 increased by 4.1% to RMB113.5 million (US$15.6 million) from RMB109.0 million in the same period of 2024. The increase in gross profit was primarily driven by decreases in our content costs and bandwidth costs. Gross margin in the first quarter of 2025 was 12.0%, compared with 10.5% in the same period of 2024. Sales and marketing expenses in the first quarter of 2025 decreased by 3.5% to RMB72.9 million (US$10.1 million) from RMB75.6 million in the same period of 2024. The decrease was mainly attributable to a decrease in staff-related expenses. Research and development expenses in the first quarter of 2025 decreased by 39.5% to RMB32.7 million (US$4.5 million) from RMB54.2 million in the same period of 2024. The decrease was mainly attributable to a decrease in staff-related expenses. General and administrative expenses in the first quarter of 2025 decreased by 16.4% to RMB35.8 million (US$4.9 million) from RMB42.8 million in the same period of 2024. The decrease was mainly attributable to a decrease in professional fees. Loss from operations in the first quarter of 2025 reduced by 84.3% to RMB26.1 million (US$3.6 million) from RMB166.9 million in the same period of 2024. Net loss in the first quarter of 2025 decreased by 9.5% to RMB79.6 million (US$11.0 million) from RMB88.0 million in the same period of 2024. Adjusted net loss (non-GAAP), which excludes net loss excluding share of loss (income) in equity method investments and impairment losses and fair value adjustments on investments, decreased by 75.6% to RMB20.9 million (US$2.9 million) in the first quarter of 2025 from RMB85.7 million in the same period of 2024. Basic and diluted net loss per ADS5 in the first quarter of 2025 were both RMB2.64 (US$0.4). Adjusted basic and diluted net loss per ADS (non-GAAP) in the first quarter of 2025 were both RMB0.7 (US$0.1). Cash and cash equivalents, restricted cash and bank deposits As of March 31, 2025, the Company had cash and cash equivalents, restricted cash, restricted cash in other non-current assets, and short-term and long-term bank deposits of RMB2,308.8 million (US$318.2 million), compared with RMB4,467.8 million as of December 31, 2024. The decrease was primarily due to a special cash dividend distribution of US$300 million in February 2025. About DouYu International Holdings Limited Headquartered in Wuhan, China, DouYu International Holdings Limited (Nasdaq: DOYU) is a leading game-centric live streaming platform in China and a pioneer in the eSports value chain. DouYu operates its platform on both PC and mobile apps to bring users access to immersive and interactive games and entertainment livestreaming, a wide array of video and graphic content, as well as opportunities to participate in community events and discussions. By nurturing a sustainable technology-based talent development system and relentlessly producing high-quality content, DouYu consistently delivers premium content through the integration of livestreaming, video, graphics, and virtual communities with a primary focus on games. This enables DouYu to continuously enhance its user experience and pursue long-term healthy development. For more information, please see http://ir.douyu.com. Use of Non-GAAP Financial Measures Adjusted loss from operations is calculated as loss from operations adjusted for Impairment of goodwill and intangible assets. Adjusted net loss is calculated as net loss adjusted for share of loss (income) in equity method investments, impairment losses and fair value adjustments on investments and impairment losses of goodwill and intangible assets. Adjusted net loss attributable to DouYu is calculated as net loss attributable to DouYu adjusted for share of loss (income) in equity method investments, impairment losses and fair value adjustments on investments, and impairment loss of goodwill and intangible assets. Adjusted basic and diluted net loss per ordinary share is non-GAAP net income attributable to ordinary shareholders divided by the weighted average number of ordinary shares used in the calculation of non-GAAP basic and diluted net loss per ordinary share. The Company adjusted the impact of (i) share of loss (income) in equity method investments, (ii) impairment losses and fair value adjustments on investments, and (iii) impairment losses of goodwill and intangible assets to understand and evaluate the Company's core operating performance. The non-GAAP financial measures are presented to enhance investors' overall understanding of the Company's financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with U.S. GAAP. Investors are encouraged to review the reconciliation of the historical non-GAAP financial measures to their most directly comparable GAAP financial measures. As non-GAAP financial measures have material limitations as analytical metrics and may not be calculated 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 non-GAAP financial measures as a substitute for, or superior to, such metrics in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned "Reconciliations of GAAP and Non-GAAP Results" near the end of this release. 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 RMB7.2567 to US$1.00, the noon buying rate in effect on March 31, 2025, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB amounts could have been, or could be, converted, realized, or settled in U.S. dollars, at that rate on March 31, 2025, or at any other rate. Safe Harbor Statement This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and 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: the Company's results of operations and financial condition; the Company's business strategies and plans; general market conditions, in particular, the game live streaming market; the ability of the Company to retain and grow active and paying users; changes in general economic and business conditions in China; any adverse changes in laws, regulations, rules, policies or guidelines applicable to the Company; and assumptions underlying or related to any of the foregoing. In some cases, forward-looking statements can be identified by words or phrases such as "may," "will," "expect," "anticipate," "target," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law. Investor Relations Contact In China: In the United States:           View original content:https://www.prnewswire.com/news-releases/douyu-international-holdings-limited-reports-first-quarter-2025-unaudited-financial-results-302460081.html SOURCE DouYu International Holdings Limited

Total Net Revenues: Decreased by 12.3% year-over-year to RMB1.14 billion in Q4 2024. Live Streaming Revenues: Dropped by 28.4% to RMB0.73 billion in Q4 2024. Innovative Business, Advertising, and Other Revenues: Increased by 47.2% to RMB405.1 million in Q4 2024. Cost of Revenues: Decreased by 8.8% to RMB1.07 billion in Q4 2024. Gross Profit: RMB69.8 million in Q4 2024, down from RMB126.2 million in Q4 2023. Gross Margin: 6.1% in Q4 2024, compared to 9.7% in Q4 2023. Sales and Marketing Expenses: Decreased by 5.5% to RMB79.3 million in Q4 2024. Research and Development Expenses: Reduced by 42.2% to RMB34.2 million in Q4 2024. General and Administrative Expenses: Decreased by 10.4% to RMB71.7 million in Q4 2024. Net Loss: RMB163.7 million in Q4 2024, compared to RMB62.2 million in Q4 2023. Adjusted Net Loss: RMB104.3 million in Q4 2024, compared to RMB5 million in Q4 2023. Cash and Cash Equivalents: RMB4.47 billion as of December 31, 2024. Mobile MAUs: 44.5 million in Q4 2024, increasing 5.9% quarter-over-quarter. Paying Users: 3.3 million in Q4 2024, with quarterly ARPPU of RMB246. Warning! GuruFocus has detected 3 Warning Signs with DOYU. Release Date: March 14, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. DouYu International Holdings Ltd (NASDAQ:DOYU) successfully diversified its revenue streams, with innovative business, advertising, and other revenues increasing by 63.6% year-over-year. The company declared two special cash dividends totaling USD600 million, reflecting a commitment to shareholder returns. DouYu International Holdings Ltd (NASDAQ:DOYU) achieved a 17% year-over-year decrease in sales and marketing, research and development, and general and administrative expenses. The company reported a quarter-over-quarter increase in mobile MAUs by 5.9%, indicating the effectiveness of its content-driven growth strategy. DouYu International Holdings Ltd (NASDAQ:DOYU) is focusing on cost reduction and efficiency improvement for 2025, aiming to narrow losses and improve financial resilience. DouYu International Holdings Ltd (NASDAQ:DOYU) experienced a 12.3% year-over-year decrease in total net revenues for the fourth quarter, primarily due to a decline in live streaming revenues. The company reported a year-over-year decline in both the total number of paying users and quarterly ARPPU, highlighting challenges in user spending patterns. Gross profit and gross margin decreased in the fourth quarter of 2024, driven by a faster decline in live streaming revenues relative to the cost of revenues. DouYu International Holdings Ltd (NASDAQ:DOYU) faced increased net loss in the fourth quarter of 2024 compared to the same period in 2023. The company anticipates potential short-term declines in user base and revenue due to strategic adjustments in cost structure and content procurement. Q: What are the new business growth drivers for DouYu in 2025, and what are the expectations for the OD and game props businesses? A: Simin Ren, Co-Chief Executive Officer, explained that in 2024, revenue from innovative business, advertising, and others increased by 36.6% year-over-year, accounting for 28% of total revenue. The voice-based social networking business and game membership program are key drivers. In 2025, DouYu plans to allocate more resources to these areas, expecting innovative business revenue to contribute approximately 35% of total revenue. Q: What is DouYu's plan for the future use of cash? A: Hao Cao, Vice President, stated that after the dividend distribution in February 2025, DouYu had RMB2.24 billion in cash reserves. The company aims to reduce net losses significantly in 2025 and believes it has sufficient cash to manage business fluctuations and support business initiatives. Q: How should we interpret DouYu's long-term development strategy following recent strategic adjustments and dividend payouts? A: Mingming Su, Chief Strategy Officer, emphasized that DouYu's strategy is about reallocating resources from inefficient initiatives to high-value business segments. The company aims to strengthen its core content advantages, improve margins, and enhance revenue mix by growing innovative businesses. DouYu remains committed to fostering a vibrant content ecosystem and optimizing diverse content. Q: What is the impact of tournament procurement and streamer strategic adjustments on DouYu's platform? A: Simin Ren explained that DouYu is applying a flexible approach to acquiring copyright content, focusing on cost-effective tournaments. The company expects a significant decrease in copyright costs in 2025. Streamer resource adjustments aim to optimize business efficiency, reduce costs, and improve content ROI. While these changes may temporarily affect traffic and revenue, they are crucial for long-term growth. Q: Can you comment on the sequential increase in G&A expenses and the outlook for 2025 operating profit? A: Hao Cao noted that the increase in G&A expenses was mainly due to workforce optimization costs. Despite potential revenue growth pressure, DouYu is committed to optimizing cost structure and controlling expenses to improve gross margin and business efficiency. The company expects some improvement in operating losses for 2025 compared to the previous year. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus.

WUHAN, China, March 14, 2025 /PRNewswire/ -- DouYu International Holdings Limited ("DouYu" or the "Company") (Nasdaq: DOYU), a leading game-centric live streaming platform in China and a pioneer in the eSports value chain, today announced its unaudited financial results for the fourth quarter and the full year ended December 31, 2024. Fourth Quarter 2024 Financial and Operational Highlights Total net revenues in the fourth quarter of 2024 were RMB1,136.0 million (US$155.6 million), compared with RMB1,296.0 million in the same period of 2023. Gross profit in the fourth quarter of 2024 was RMB69.8 million (US$9.6 million), compared with RMB126.2 million in the same period of 2023. Net loss in the fourth quarter of 2024 was RMB163.7 million (US$22.4 million), compared with net loss of RMB62.2 million in the same period of 2023. Adjusted net loss (non-GAAP)[1] in the fourth quarter of 2024 was RMB68.8 million (US$9.4 million), compared with RMB5.0 million in the same period of 2023. Average mobile MAUs[2] in the fourth quarter of 2024 were 44.5 million, compared with 51.7 million in the same period of 2023. The number of quarterly average paying users[3] in the fourth quarter of 2024 was 3.3 million, compared with 3.7 million in the same period of 2023. Full Year 2024 Financial Highlights Total net revenues for the full year of 2024 were RMB4,270.8 million (US$585.1 million), compared with RMB5,530.4 million for the full year of 2023. Gross profit for the full year of 2024 was RMB323.8 million (US$44.4 million), compared with RMB684.0 million for the full year of 2023. Net loss for the full year of 2024 was RMB297.4 million (US$40.8 million), compared with net income of RMB35.5 million for the full year of 2023. Adjusted net loss (non-GAAP) for the full year of 2024 was RMB239.9 million (US$32.9 million), compared with adjusted net income (non-GAAP) of RMB154.0 million for the full year of 2023. Ms. Simin Ren, Co-Chief Executive Officer of DouYu, commented, "Our business and financial position remained stable in the fourth quarter of 2024. Quarter-over-quarter, our mobile MAUs rose 5.9% to 44.5 million, and our total net revenues showed a steady increase led by advancements in our innovative business. Navigating the ongoing macroeconomic headwinds, we focused on optimizing resource allocation while further diversifying our revenue streams. We also scaled back inefficient investments, prioritizing resources that strengthen our platform's core game-centric content ecosystem and business fundamentals. This year, we plan to emphasize advancing our strategic revenue diversification and cost-efficiency initiatives. We also plan to optimize the cost structure of our traditional businesses, use AI to boost our operational efficiency and accelerate the commercialization of our innovative business. Although these cost adjustments may lead to significant declines in platform traffic and revenues for a period of time, we believe they will improve our overall financial health and lay a solid foundation for the Company's long-term, sustainable growth." Mr. Hao Cao, Vice President of DouYu, commented, "Our revenue diversification strategy yielded strong results in 2024, showing a substantial shift in our revenue mix. Revenues from our innovative business, advertising and others grew by 63.6% for the year to RMB1.2 billion, accounting for 28% of our total revenues in 2024. Despite current profitability pressure, we expect that our planned structural cost optimizations and operating expense controls will improve our gross margin and narrow our net loss in 2025. Reinforcing our commitment to financial stability and shareholder returns, we declared our second US$300 million special cash dividend in January 2025. Moving forward, we will further strengthen our fundamentals and business resilience while pursuing growth opportunities to drive sustainable, long-term shareholder value." Fourth Quarter 2024 Financial Results Total net revenues in the fourth quarter of 2024 decreased by 12.3% to RMB1,136.0 million (US$155.6 million), compared with RMB1,296.0 million in the same period of 2023. Livestreaming revenues in the fourth quarter of 2024 decreased by 28.4% to RMB730.9 million (US$100.1 million) from RMB1,020.8 million in the same period of 2023. The decrease was primarily due to decreases in both the number of total paying users and average revenue per paying user, as a result of continued macroeconomic softness and evolving user spending patterns. Innovative business, advertising and other revenues (formerly known as advertising and other revenues) in the fourth quarter of 2024 increased by 47.2% to RMB405.1 million (US$55.5 million) from RMB275.2 million in the same period of 2023. The increase was primarily driven by higher revenues from our voice-based social networking service and game membership service. Cost of revenues in the fourth quarter of 2024 decreased by 8.8% to RMB1,066.2 million (US$ 146.1 million) from RMB1,169.7 million in the same period of 2023. Revenue-sharing fees and content costs in the fourth quarter of 2024 decreased by 9.3% to RMB896.2 million (US$122.8 million) from RMB988.6 million in the same period of 2023. For comparison purpose, we reclassified certain costs related to our innovative business from other costs to revenue-sharing fees for the fourth quarter of 2023. The decrease was primarily driven by a reduction in content costs, as well as a decrease in revenue-sharing fees due to lower livestreaming revenues. The decrease was partially offset by increased revenue-sharing fees related to revenue growth in our innovative business. Bandwidth costs in the fourth quarter of 2024 decreased by 30.0% to RMB70.3 million (US$9.6 million) from RMB100.5 million in the same period of 2023. The decline was primarily due to a year-over-year decrease in peak bandwidth usage. Gross profit in the fourth quarter of 2024 was RMB69.8 million (US$9.6 million), compared with RMB126.2 million in the same period of 2023. The decline in gross profit was primarily driven by a faster decrease in livestreaming revenues relative to the cost of revenues. Gross margin in the fourth quarter of 2024 was 6.1%, compared with 9.7% in the same period of 2023. Sales and marketing expenses in the fourth quarter of 2024 decreased by 5.5% to RMB79.3 million (US$10.9 million) from RMB84.0 million in the same period of 2023. The decrease was mainly attributable to a decrease in staff-related expenses. Research and development expenses in the fourth quarter of 2024 decreased by 42.2% to RMB34.2 million (US$4.7 million) from RMB59.1 million in the same period of 2023. The decrease was mainly attributable to a decrease in staff-related expenses. General and administrative expenses in the fourth quarter of 2024 decreased by 10.4% to RMB71.7 million (US$9.8 million) from RMB80.0 million in the same period of 2023. The decrease was mainly attributable to decreases in staff-related expenses and provision for receivables. The decrease was partially offset by an expense related to our ongoing employee streamlining initiatives. Loss from operations in the fourth quarter of 2024 was RMB183.5 million (US$25.1 million), compared with RMB120.4 million in the same period of 2023. Adjusted loss from operations (non-GAAP), which excludes impairment loss of goodwill and intangible assets, was RMB108.1 million (US$14.8 million) in the fourth quarter of 2024, compared with RMB86.4 million in the same period of 2023. Net loss in the fourth quarter of 2024 was RMB163.7 million (US$22.4 million), compared with RMB62.2 million in the same period of 2023. Adjusted net loss (non-GAAP), which excludes net loss excluding share of (income) loss in equity method investments, impairment losses and fair value adjustments on investments and impairment loss of goodwill and intangible assets, was RMB68.8 million (US$9.4 million) in the fourth quarter of 2024, compared with RMB5.0 million in the same period of 2023. Basic and diluted net loss per ADS[4] in the fourth quarter of 2024 were both RMB5.43 (US$0.74). Adjusted basic and diluted net loss per ADS (non-GAAP) in the fourth quarter of 2024 were both RMB2.28 (US$0.31). Full Year 2024 Financial Results Total net revenues for the full year of 2024 were RMB4,270.8 million (US$585.1 million), compared with RMB5,530.4 million in the same period of 2023. The decrease was primarily driven by the year-over-year decrease in livestreaming revenues, which was partially offset by the increase in innovative business, advertising and other revenues. Gross profit for the full year of 2024 was RMB323.8 million (US$44.4 million), compared with RMB684.0 million in the same period of 2023. Adjusted loss from operations (non-GAAP), which excludes impairment loss of goodwill and intangible assets, was RMB488.7 million (US$67.0 million) for the full year of 2024, compared with RMB130.0 million in the same period of 2023. Adjusted net loss (non-GAAP) for the full year of 2024, which excludes net loss excluding share of income (loss) in equity method investments, gain on disposal of investment, impairment losses and fair value adjustments on investments, and impairment loss of goodwill and intangible assets, was RMB239.9 million (US$32.9 million), compared with an adjusted net income (non-GAAP) of RMB154.0 million in the same period of 2023. Basic and diluted net loss per ADS for the full year of 2024 were both RMB9.65 (US$1.32). Adjusted basic and diluted net loss per ADS (non-GAAP) for the full year 2024 were both RMB7.78 (US$1.07). Cash and cash equivalents, restricted cash and bank deposits As of December 31, 2024, the Company had cash and cash equivalents, restricted cash, restricted cash in other non-current assets, and short-term and long-term bank deposits of RMB4,467.8 million (US$612.1 million), compared with RMB6,855.5 million as of December 31, 2023. The decrease was primarily due to a special cash dividend distribution of US$300 million and a US$20 million allocated to the share repurchase program. Conference Call Information The Company will hold a conference call on March 14, 2025, at 7:00 a.m. Eastern Time (or 7:00 p.m. Beijing Time on the same day) to discuss the financial results. Listeners may access the call by dialing the following numbers: The replay will be accessible through March 21, 2025, by dialing the following numbers: A live and archived webcast of the conference call will also be available on the Company's investor relations website at http://ir.douyu.com. About DouYu International Holdings Limited Headquartered in Wuhan, China, DouYu International Holdings Limited (Nasdaq: DOYU) is a leading game-centric live streaming platform in China and a pioneer in the eSports value chain. DouYu operates its platform on both PC and mobile apps to bring users access to immersive and interactive games and entertainment livestreaming, a wide array of video and graphic contents, as well as opportunities to participate in community events and discussions. By nurturing a sustainable technology-based talent development system and relentlessly producing high-quality content, DouYu consistently delivers premium content through the integration of livestreaming, video, graphics, and virtual communities with a primary focus on games, especially on eSports. This enables DouYu to continuously enhance its user experience and pursue long-term healthy development. For more information, please see http://ir.douyu.com. Use of Non-GAAP Financial Measures Adjusted loss from operations is calculated as net income (loss) adjusted for Impairment of goodwill and intangible assets. Adjusted net income (loss) is calculated as net income (loss) adjusted for share of loss (income) in equity method investments, gain on disposal of investment, impairment losses and fair value adjustments on investments, and impairment loss of goodwill and intangible assets. Adjusted net income (loss) attributable to DouYu is calculated as net income (loss) attributable to DouYu adjusted for share of loss (income) in equity method investments, gain on disposal of investment, impairment losses and fair value adjustments on investments, and impairment loss of goodwill and intangible assets. Adjusted basic and diluted net income per ordinary share is non-GAAP net income attributable to ordinary shareholders divided by weighted average number of ordinary shares used in the calculation of non-GAAP basic and diluted net income per ordinary share. The Company adjusted the impact of (i) share of loss (income) in equity method investments, (ii) gain on disposal of investment, (iii) impairment losses and fair value adjustments on investments, and (iv) impairment of goodwill and intangible assets to understand and evaluate the Company's core operating performance. The non-GAAP financial measures are presented to enhance investors' overall understanding of the Company's financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with U.S. GAAP. Investors are encouraged to review the reconciliation of the historical non-GAAP financial measures to its most directly comparable GAAP financial measures. As non-GAAP financial measures have material limitations as analytical metrics and may not be calculated 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 non-GAAP financial measures as a substitute for, or superior to, such metrics in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned "Reconciliations of Non-GAAP Results" near the end of this release. 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 RMB7.2993 to US$1.00, the noon buying rate in effect on December 31, 2024, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB amounts could have been, or could be, converted, realized, or settled in U.S. dollars, at that rate on December 31, 2024, or at any other rate. Safe Harbor Statement This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and 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: the Company's results of operations and financial condition; the Company's business strategies and plans; general market conditions, in particular, the game live streaming market; the ability of the Company to retain and grow active and paying users; changes in general economic and business conditions in China; the impact of the COVID-19 to the Company's business operations and the economy in China and globally; any adverse changes in laws, regulations, rules, policies or guidelines applicable to the Company; and assumptions underlying or related to any of the foregoing. In some cases, forward-looking statements can be identified by words or phrases such as "may," "will," "expect," "anticipate," "target," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the Securities Exchange Commission. The announced results of the fourth quarter and full year 2024 are preliminary and unaudited. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law. Investor Relations Contact In China: In the United States: Media Relations Contact In China:                     View original content:https://www.prnewswire.com/news-releases/dou-yu-international-holdings-limited-reports-fourth-quarter-and-full-year-2024-unaudited-financial-results-302401832.html SOURCE DouYu International Holdings Limited