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DouYu International Holdings Limited Reports Second Quarter 2025 Unaudited Financial Results

This Week

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.

[1] “Adjusted net income (non-GAAP)” is defined as net income excluding share of income (loss) in equity method investments, impairment losses and fair value adjustments on investments, and impairment losses of goodwill and intangible assets. 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 mobile users (exclusive of innovative business unless the context otherwise indicates) in a given period. Average mobile MAUs for a given period is calculated by dividing (i) the sum of 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 our 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 our platform at least once during the relevant period.

[5] Each ADS represents one ordinary share for the relevant period and calendar year.

 

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:

Chenyang Yan                                   

DouYu International Holdings Limited

Email: ir@douyu.tv 

Tel: +86 (10) 6508-0677

 

Andrea Guo

Piacente Financial Communications

Email: douyu@tpg-ir.com 

Tel: +86 (10) 6508-0677

 

In the United States:

Brandi Piacente

Piacente Financial Communications

Email: douyu@tpg-ir.com 

Tel: +1-212-481-2050

 

 

 

 

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(All amounts in thousands, except share, ADS, per share and per ADS data)

As of December 31

As of June 30

2024

2025

2025

ASSETS

RMB 

RMB

US$ (1)

Current assets:

Cash and cash equivalents

1,017,148

1,535,924

214,407

Restricted cash

83

170

24

Short-term bank deposits

3,070,374

583,723

81,485

Accounts receivable, net

49,057

55,488

7,746

Prepayments

26,885

24,768

3,457

Amounts due from related parties

74,175

65,181

9,099

Other current assets, net

231,354

234,957

32,799

Total current assets

4,469,076

2,500,211

349,017

 

Non-current assets:

Property and equipment, net

7,093

5,635

787

Intangible assets, net

60,917

45,194

6,309

Long-term bank deposits

360,000

160,000

22,335

Investments

456,815

409,885

57,218

Right-of-use assets, net

15,816

13,064

1,824

Other non-current assets

76,616

76,068

10,619

Total non-current assets

977,257

709,846

99,092

TOTAL ASSETS

5,446,333

3,210,057

448,109

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

LIABILITIES

Current liabilities:

Accounts payable

498,667

482,746

67,389

Advances from customers

4,444

3,293

460

Deferred revenue

252,346

244,029

34,065

Accrued expenses and other current liabilities

242,517

228,077

31,837

Amounts due to related parties

222,589

234,529

32,739

Lease liabilities due within one year

11,458

12,132

1,694

Total current liabilities

1,232,021

1,204,806

168,184

 

Non-current liability:

Lease liabilities

4,223

220

31

Total non-current liability

4,223

220

31

TOTAL LIABILITIES

1,236,244

1,205,026

168,215

(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 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.

 

 

 

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)

(All amounts in thousands, except share, ADS, per share and per ADS data)

As of December 31

As of June 30

2024

2025

2025

RMB 

RMB 

US$ (1)

SHAREHOLDERS’ EQUITY

Ordinary shares

20

20

3

Additional paid-in capital

7,514,498

5,363,717

748,746

Accumulated deficit

(3,791,817)

(3,833,600)

(535,149)

Accumulated other comprehensive income

487,388

474,894

66,294

Total DouYu Shareholders’ Equity

4,210,089

2,005,031

279,894

Total Shareholders’ Equity

4,210,089

2,005,031

279,894

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

5,446,333

3,210,057

448,109

(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 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.

 

 

 

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) 

(All amounts in thousands, except share, ADS, per share and per ADS data)

Three Months Ended

Six Months Ended

June 30,

2024

March 31,

2025

June 30,

2025

June 30,

2025

June 30,

2024

June 30,

2025

June 30,

2025

RMB

RMB

RMB

US$ (1)

RMB

RMB

US$ (1)

Net revenues

1,032,041

947,051

1,053,915

147,121

2,071,725

2,000,966

279,324

Cost of revenues

(947,823)

(833,543)

(911,975)

(127,307)

(1,878,501)

(1,745,518)

(243,665)

Gross profit

84,218

113,508

141,940

19,814

193,224

255,448

35,659

Operating (expense) income

Sales and marketing expenses

(76,963)

(72,929)

(61,585)

(8,597)

(152,533)

(134,514)

(18,777)

General and administrative expenses

(48,496)

(35,787)

(39,816)

(5,558)

(91,293)

(75,603)

(10,554)

Research and development expenses

(50,135)

(32,749)

(27,611)

(3,854)

(104,285)

(60,360)

(8,426)

Other operating (expense) income, net

(28,189)

1,815

1,318

184

(131,617)

3,133

437

Total operating expenses

(203,783)

(139,650)

(127,694)

(17,825)

(479,728)

(267,344)

(37,320)

(Loss) income from operations

(119,565)

(26,142)

14,246

1,989

(286,504)

(11,896)

(1,661)

Other (expenses) income, net

(943)

(58,554)

9,463

1,321

(943)

(49,091)

(6,853)

Interest income

75,972

10,141

19,200

2,680

157,066

29,341

4,096

Foreign exchange income (loss)

604

258

(17)

(2)

757

241

34

(Loss) income before income taxes and share of loss
   in equity method investments

(43,932)

(74,297)

42,892

5,988

(129,624)

(31,405)

(4,384)

Income tax expense

(2,510)

(5,134)

(8,151)

(1,138)

(2,510)

(13,285)

(1,855)

Share of (loss) income in equity method investments

(2,727)

(181)

3,088

431

(4,988)

2,907

406

Net (loss) income 

(49,169)

(79,612)

37,829

5,281

(137,122)

(41,783)

(5,833)

Net (loss) income attributable to ordinary 

shareholders of the Company

 

(49,169)

(79,612)

37,829

5,281

(137,122)

(41,783)

(5,833)

Net (loss) income per ordinary share

Basic

(1.58)

(2.64)

1.25

0.17

(4.36)

(1.38)

(0.19)

Diluted

(1.58)

(2.64)

1.25

0.17

(4.36)

(1.38)

(0.19)

Net (loss) income per ADS(2)

Basic

(1.58)

(2.64)

1.25

0.17

(4.36)

(1.38)

(0.19)

Diluted

(1.58)

(2.64)

1.25

0.17

(4.36)

(1.38)

(0.19)

Weighted average number of ordinary shares used in calculating net (loss) income per ordinary share

Basic

31,128,544

30,178,859

30,178,859

30,178,859

31,467,862

30,178,859

30,178,859

Diluted

31,128,544

30,178,859

30,178,859

30,178,859

31,467,862

30,178,859

30,178,859

Weighted average number of ADS used in calculating net (loss) income per ADS(2)

Basic

31,128,544

30,178,859

30,178,859

30,178,859

31,467,862

30,178,859

30,178,859

Diluted

31,128,544

30,178,859

30,178,859

30,178,859

31,467,862

30,178,859

30,178,859

(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 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.

(2) Each ADS represents one ordinary share.

 

 

 

RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS

(All amounts in thousands, except share, ADS, per share and per ADS data)

Three Months Ended

Six Months Ended

June 30,

2024

March 31,

2025

June 30,

2025

June 30,

2025

June 30,

2024

June 30,

2025

June 30,

2025

RMB

RMB

RMB

US$ (1)

RMB

RMB

US$ (1)

(Loss) income from operations

(119,565)

(26,142)

14,246

1,989

(286,504)

(11,896)

(1,661)

Adjusted operating (loss) income (non-GAAP)

(119,565)

(26,142)

14,246

1,989

(286,504)

(11,896)

(1,661)

Net (loss) income

(49,169)

(79,612)

37,829

5,281

(137,122)

(41,783)

(5,833)

Add:

Share of income (loss) in equity method investments

2,727

181

(3,088)

(431)

4,988

(2,907)

(406)

Impairment losses and fair value adjustments on
investments (2)

943

58,554

(9,463)

(1,321)

943

49,091

6,853

Adjusted net (loss) income (non-GAAP)

(45,499)

(20,877)

25,278

3,529

(131,191)

4,401

614

Net (loss) income attributable to DouYu

(49,169)

(79,612)

37,829

5,281

(137,122)

(41,783)

(5,833)

Add:

Share of income (loss) in equity method investments

2,727

181

(3,088)

(431)

4,988

(2,907)

(406)

Impairment losses and fair value adjustments on
investments

943

58,554

(9,463)

(1,321)

943

49,091

6,853

Adjusted net (loss) income attributable to DouYu

(45,499)

(20,877)

25,278

3,529

(131,191)

4,401

614

Adjusted net (loss) income per ordinary share (non-GAAP)

Basic

(1.46)

(0.69)

0.84

0.12

(4.17)

0.15

0.02

Diluted

(1.46)

(0.69)

0.84

0.12

(4.17)

0.15

0.02

Adjusted net (loss) income per ADS(3)(non-GAAP)

 

Basic

(1.46)

(0.69)

0.84

0.12

(4.17)

0.15

0.02

Diluted

(1.46)

(0.69)

0.84

0.12

(4.17)

0.15

0.02

Weighted average number of ordinary shares used in calculating Adjusted net (loss) income per ordinary share

Basic

31,128,544

30,178,859

30,178,859

30,178,859

31,467,862

30,178,859

30,178,859

Diluted

31,128,544

30,178,859

30,178,859

30,178,859

31,467,862

30,178,859

30,178,859

Weighted average number of ADS used in calculating net (loss) income per ADS(2) 

Basic

31,128,544

30,178,859

30,178,859

30,178,859

31,467,862

30,178,859

30,178,859

Diluted

31,128,544

30,178,859

30,178,859

30,178,859

31,467,862

30,178,859

30,178,859

(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 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.

(2) Impairment losses and fair value adjustments on investments were included in line item “Other expenses, net” of condensed consolidated statements of
income (loss).

(3) Each ADS represents one ordinary share.

 

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