Phu Quoc International Airport in Kien Giang Province will undergo major expansion and upgrades to support the 2027 APEC (Asia-Pacific Economic Cooperation) Economic Leaders’ Week and boost local socio-economic and tourism development.
Enfinity Global closes €100 Million Bond with Eiffel to Accelerate Energy Storage and Solar PV Projects in Europe
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MIAMI, May 20, 2025 /PRNewswire/ — Enfinity Global Inc., a leader in renewable energy, today announced the successful closing of an up to €100 million bond facility to support the deployment of its energy storage and solar PV projects across Europe. The facility is being provided by Eiffel Investment Group, an independent asset manager focused on sustainable investments, through four of its investment vehicles.
This transaction marks a significant milestone, that underscores the platform’s quality for investors and Enfinity’s execution capabilities. It is also the company’s first financing of its battery energy storage system (BESS) portfolio in Europe, where it is developing a 6.4 GW BESS pipeline—including 5.1 GW in Italy and 1.3 GW in the UK. Energy storage is a key component of Enfinity’s strategy to deliver 24/7 renewable energy solutions to corporate and industrial customers while contributing to grid resilience.
“We are thankful to Eiffel Investment Group for supporting the growth of our Italian platform,” said Carlos Domenech, CEO of Enfinity Global. “The future of competitive low carbon energy solutions relies on innovation of technologies and financings supported by market leaders,” he added.
“ We are proud to support Enfinity Global in its growth ,” said Pierre-Antoine Machelon, head of Infrastructure Funds at Eiffel Investment Group . “Building a long-term relationship while structuring a tailor-made financing is at the heart of Eiffel DNA. This transaction highlights our commitment to providing financial solutions to accelerate the decarbonization in Europe .“
Enfinity Global’s has currently secured €865 million for Europe through multiple junior and senior debt agreements. The Company ranks among Italy’s top 10 independent power producers (IPP) by installed capacity, with 232 MW operational, 538 MW under construction, and 805 MW of approved solar capacity. Enfinity also leads Italy’s solar PPA market, having signed one-third of all the new capacity contracted in 2024[1].
“Enfinity Global continues to expand its renewable energy footprint, leveraging our expertise to accelerate the clean energy transition while delivering reliable and cost-effective solutions for the European market,” commented Julio Fournier Fisas, General Manager of Enfinity Global for Europe. “We appreciate partners like Eiffel Investment Group who share our vision for the future of energy.”
“We are very happy to accompany top performing companies like Enfinity ,” commented Jean-Charles Arrago, head of Eiffel Infrastructure debt strategy. “With this facility, we are able to accelerate the rollout of a 24/7 renewable electricity production capacity in Italy.”
[1] Elemens Dev & Deals 2024 Report and Elemens Lookout Q1 2025.
Delta Electronics Spotlights Cutting-Edge Digital Twin Solution at SEMICON Southeast Asia 2025 to Accelerate Smart Manufacturing
SINGAPORE, May 20, 2025 /PRNewswire/ — Delta Electronics, a global leader in power management and smart green solutions, is showcasing its Digital Twin Solution at SEMICON Southeast Asia 2025, highlighting its capabilities in next-generation digitized smart manufacturing for a broad range of semiconductor production applications.
Delta Electronics, alongside other industry leaders, showcases innovations for smarter, more sustainable semiconductor production at SEMICON SEA 2025.
Delta’s Digital Twin Solution features DIATwin, a virtual machine development platform that helps manufacturers enhance production efficiency, precision, and cost structure through virtual simulation, verification, and commissioning of machines before physical deployment.
“The next era of smart manufacturing is defined by intelligence, connectivity, and sustainability,” said Mr. Jimmy Wan, Country Manager, Delta Electronics Singapore and Malaysia. He added, “As industries accelerate toward digitalization and electrification, manufacturers must rethink how they design, produce, and optimize at scale. By integrating Delta’s advanced industrial automation and energy-saving solutions, as well as our data-driven insights, our customers can enhance agility, resilience, and competitiveness for sustained growth in a rapidly evolving industrial landscape.”
Under the theme “Optimizing Precision with Digital Twin and Smart Manufacturing Solutions,” Delta is also demonstrating advanced industrial automation, data centre, and energy infrastructure technologies that enhance manufacturing accuracy, process optimization, and operational reliability.
Enabling Smarter Semiconductor Manufacturing with Digital Twin
In semiconductor manufacturing, precision and efficiency are critical, yet traditional machine setup often involves costly trial-and-error adjustments. Delta’s Digital Twin Solution addresses this by creating a Virtual Machine Development Platform DIATwin that enables manufacturers to virtually simulate, verify, and commission machine before physical deployment. For instance, production teams can digitally model and optimize wafer handling parameters in a high-fidelity simulation, reducing downtime and enhancing accuracy before applying changes to equipment. This cyber-physical integration enhances development efficiency, predictive optimization, and parameter fine-tuning, as well as accelerates new product introduction, ultimately ensuring greater precision, reliability, and compliance with industry standards.
Key Solutions on Display
On-site, Delta is also highlighting its U.S.-based subsidiary Universal Instruments’ High-Speed Wafer Feeder (HSWF), a cutting-edge solution that seamlessly integrates with the FuzionSC™ Platform to deliver a comprehensive multi-die advanced packaging solution. The platform supports the broadest range of feeding devices and can place high-accuracy active and passive components on various substrates. Paired with the HSWF, this system enables manufacturers to handle multiple unique wafer types simultaneously, streamlining high-density semiconductor assembly. The equipment also features a wafer expander and an automatic wafer loading/unloading, making it highly adaptable for advanced packaging multi-chip applications. By integrating Universal Instruments’ advanced packaging technology with Delta’s expertise in automation and digitalization, semiconductor manufacturers can achieve greater production efficiency (approximately 20-25%), enhanced thermal management, and improved yield rates—accelerating time-to-market for next-generation semiconductor devices.
Delta’s advanced automation solutions also include AI-driven quality control and high-precision die pick-and-place technology for semiconductor assembly. The booth showcases Delta’s complete facility management and control system powered by the VTScada platform—offering real-time data monitoring, seamless equipment integration, and an intuitive, highly customizable interface for comprehensive industrial monitoring. The ESS solution integrates LFP battery system, power conditioning systems, and the DeltaGrid® energy management system. It enables centralized control, optimized energy usage, and enhanced operational resilience through functions such as peak shaving, load shifting, and backup power support.
Delta remains committed to advancing smart and sustainable semiconductor manufacturing to help manufacturers optimize production while reducing environmental impact. Aligned with the event’s focus on sustainable progress, Delta will continue to drive global ESG initiatives, including its goal of achieving net-zero emissions by 2050, its commitment to circular economy principles, and the development of energy-efficient solutions across smart cities, renewable energy, and green buildings.
SEMICON Southeast Asia 2025 is taking place at the Sands Expo and Convention Centre, Singapore until May 22, 2025. Visit Delta’s booth at B2009, EXPO Hall E (B2) to experience its innovative solutions that is shaping the future of the industry. For more information, please visit: https://www.delta-singapore.com/en-SG/landingpage/semicon-sea-2025.
ABOUT DELTA ELECTRONICS INT’L (Singapore)
The company is a wholly owned subsidiary of Delta Electronics, Inc.
ABOUT DELTA
Delta, founded in 1971, and listed on the Taiwan Stock Exchange (code:2308), is a global leader in switching power supplies and thermal management products with a thriving portfolio of IoT-based smart energy-saving systems and solutions in the fields of industrial automation, building automation, telecom power, data center infrastructure, EV charging, renewable energy, energy storage and display, to nurture the development of smart manufacturing and sustainable cities. As a world-class corporate citizen guided by its mission statement, “To provide innovative, clean and energy-efficient solutions for a better tomorrow,” Delta leverages its core competence in high-efficiency power electronics and its ESG-embedded business model to address key environmental issues, such as climate change. Delta serves customers through its sales offices, R&D centers and manufacturing facilities spread over close to 200 locations across 5 continents.
Throughout its history, Delta has received various global awards and recognition for its business achievements, innovative technologies and dedication to ESG. Since 2011, Delta has been listed on the Dow Jones Best-in-Class World Index (formerly the DJSI World Index of Dow Jones Sustainability™ Indices) for 14 consecutive years. Delta has also won CDP with double A List for 4 times for its substantial contribution to climate change and water security issues and has been named Supplier Engagement Leader for its continuous development of a sustainable value chain for 7 consecutive years.
For detailed information about Delta, please visit: www.deltaww.com
DouYu International Holdings Limited Reports First Quarter 2025 Unaudited Financial Results
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.
[1] “Adjusted net loss (non-GAAP)” is defined as net loss excluding share of loss (income) 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] Every one 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 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:
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 March 31 |
||||
2024 |
2025 |
2025 |
|||
ASSETS |
RMB |
RMB |
US$(1) |
||
Current assets: |
|||||
Cash and cash equivalents |
1,017,148 |
1,852,492 |
255,280 |
||
Restricted cash |
83 |
74 |
10 |
||
Short-term bank deposits |
3,070,374 |
80,000 |
11,024 |
||
Accounts receivable, net |
49,057 |
53,170 |
7,327 |
||
Prepayments |
26,885 |
24,309 |
3,350 |
||
Amounts due from related parties |
74,175 |
57,616 |
7,940 |
||
Other current assets, net |
231,354 |
235,406 |
32,440 |
||
Total current assets |
4,469,076 |
2,303,067 |
317,371 |
||
Property and equipment, net |
7,093 |
6,550 |
903 |
||
Intangible assets, net |
60,917 |
52,539 |
7,240 |
||
Long-term bank deposits |
360,000 |
340,000 |
46,853 |
||
Investments |
456,815 |
397,744 |
54,811 |
||
Right-of-use assets, net |
15,816 |
12,530 |
1,727 |
||
Other non-current assets |
76,616 |
89,652 |
12,354 |
||
Total non-current assets |
977,257 |
899,015 |
123,888 |
||
TOTAL ASSETS |
5,446,333 |
3,202,082 |
441,259 |
||
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|||||
LIABILITIES |
|||||
Current liabilities: |
|||||
Accounts payable |
498,667 |
490,049 |
67,531 |
||
Advances from customers |
4,444 |
2,575 |
355 |
||
Deferred revenue |
252,346 |
249,336 |
34,359 |
||
Accrued expenses and other current liabilities |
242,517 |
197,359 |
27,197 |
||
Amounts due to related parties |
222,589 |
278,607 |
38,393 |
||
Lease liabilities due within one year |
11,458 |
10,163 |
1,400 |
||
Total current liabilities |
1,232,021 |
1,228,089 |
169,235 |
||
Lease liabilities |
4,223 |
2,342 |
323 |
||
Total non-current liabilities |
4,223 |
2,342 |
323 |
||
TOTAL LIABILITIES |
1,236,244 |
1,230,431 |
169,558 |
||
(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 RMB7.2567 to US$1.00, the noon buying rate in effect on March 31, 2025, in the H.10 statistical release of the Federal Reserve Board. |
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED) (All amounts in thousands, except share, ADS, per share and per ADS data) |
|||||
As of December 31 |
As of March 31 |
||||
2024 |
2025 |
2025 |
|||
RMB |
RMB |
US$(1) |
|||
SHAREHOLDERS’ EQUITY |
|||||
Ordinary shares |
20 |
20 |
3 |
||
Additional paid-in capital |
7,514,498 |
5,363,717 |
739,140 |
||
Accumulated deficit |
(3,791,817) |
(3,871,429) |
(533,497) |
||
Accumulated other comprehensive income |
487,388 |
479,343 |
66,055 |
||
Total DouYu Shareholders’ Equity |
4,210,089 |
1,971,651 |
271,701 |
||
Total Shareholders’ Equity |
4,210,089 |
1,971,651 |
271,701 |
||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
5,446,333 |
3,202,082 |
441,259 |
||
(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 RMB7.2567 to US$1.00, the noon buying rate in effect on March 31, 2025, in the H.10 statistical release of the Federal Reserve Board. |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (All amounts in thousands, except share, ADS, per share and per ADS data) |
|||||||
Three Months Ended |
|||||||
March 31, |
December 31, |
March 31, |
March 31, |
||||
2024 |
2024 |
2025 |
2025 |
||||
RMB |
RMB |
RMB |
US$(1) |
||||
Net revenues |
1,039,684 |
1,136,000 |
947,051 |
130,507 |
|||
Cost of revenues |
(930,678) |
(1,066,209) |
(833,543) |
(114,865) |
|||
Gross profit |
109,006 |
69,791 |
113,508 |
15,642 |
|||
Operating expense |
|||||||
Sales and marketing expenses |
(75,570) |
(79,348) |
(72,929) |
(10,050) |
|||
General and administrative expenses |
(42,797) |
(71,674) |
(35,787) |
(4,932) |
|||
Research and development expenses |
(54,150) |
(34,150) |
(32,749) |
(4,513) |
|||
Other operating (loss) income, net |
(103,428) |
(77,520) |
1,815 |
250 |
|||
Total operating expenses |
(275,945) |
(262,692) |
(139,650) |
(19,245) |
|||
Loss from operations |
(166,939) |
(192,901) |
(26,142) |
(3,603) |
|||
Other expenses, net |
– |
(21,401) |
(58,554) |
(8,069) |
|||
Interest income |
81,094 |
45,147 |
10,141 |
1,397 |
|||
Foreign exchange income |
153 |
546 |
258 |
36 |
|||
Loss before income taxes and share of (loss) income in equity method investments |
(85,692) |
(168,609) |
(74,297) |
(10,239) |
|||
Income tax expenses |
– |
(6,464) |
(5,134) |
(707) |
|||
Share of (loss) income in equity method investments |
(2,261) |
1,981 |
(181) |
(25) |
|||
Net loss |
(87,953) |
(173,092) |
(79,612) |
(10,971) |
|||
Net loss attributable to ordinary shareholders of the Company |
(87,953) |
(173,092) |
(79,612) |
(10,971) |
|||
Net loss per ordinary share |
|||||||
Basic |
(2.77) |
(5.74) |
(2.64) |
(0.36) |
|||
Diluted |
(2.77) |
(5.74) |
(2.64) |
(0.36) |
|||
Net loss per ADS(2) |
|||||||
Basic |
(2.77) |
(5.74) |
(2.64) |
(0.36) |
|||
Diluted |
(2.77) |
(5.74) |
(2.64) |
(0.36) |
|||
Weighted average number of ordinary shares used in calculating net loss per ordinary share |
|||||||
Basic |
31,807,180 |
30,178,859 |
30,178,859 |
30,178,859 |
|||
Diluted |
31,807,180 |
30,178,859 |
30,178,859 |
30,178,859 |
|||
Weighted average number of ADS used in calculating net loss per ADS(2) |
|||||||
Basic |
31,807,180 |
30,178,859 |
30,178,859 |
30,178,859 |
|||
Diluted |
31,807,180 |
30,178,859 |
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 RMB7.2567 to US$1.00, the noon buying rate in effect on March 31, 2025, in the H.10 statistical release of the Federal Reserve Board. (2) Every one ADS represents one ordinary share. |
RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (All amounts in thousands, except share, ADS, per share and per ADS data) |
|||||||
Three Months Ended |
|||||||
March 31, |
December 31, |
March 31, |
March 31, |
||||
2024 |
2024 |
2025 |
2025 |
||||
RMB |
RMB |
RMB |
US$(1) |
||||
Loss from operations |
(166,939) |
(192,901) |
(26,142) |
(3,603) |
|||
Add: |
|||||||
Impairment losses of goodwill and intangible assets |
– |
75,473 |
– |
– |
|||
Adjusted Operating Loss (non-GAAP) |
(166,939) |
(117,428) |
(26,142) |
(3,603) |
|||
Net loss |
(87,953) |
(173,092) |
(79,612) |
(10,971) |
|||
Add/(Reversal of): |
|||||||
Share of loss (income) in equity method investments |
2,261 |
(1,981) |
181 |
25 |
|||
Impairment losses and fair value adjustments on investments(2) |
– |
21,401 |
58,554 |
8,069 |
|||
Impairment losses of goodwill and intangible assets |
– |
75,473 |
– |
– |
|||
Adjusted net loss (non-GAAP) |
(85,692) |
(78,199) |
(20,877) |
(2,877) |
|||
Net loss attributable to DouYu |
(87,953) |
(173,092) |
(79,612) |
(10,971) |
|||
Add: |
|||||||
Share of loss (income) in equity method investments |
2,261 |
(1,981) |
181 |
25 |
|||
Impairment losses and fair value adjustments on investments |
– |
21,401 |
58,554 |
8,069 |
|||
Impairment losses of goodwill and intangible assets |
– |
75,473 |
– |
– |
|||
Adjusted net loss attributable to DouYu |
(85,692) |
(78,199) |
(20,877) |
(2,877) |
|||
Adjusted net loss per ordinary share (non-GAAP) |
|||||||
Basic |
(2.69) |
(2.59) |
(0.69) |
(0.10) |
|||
Diluted |
(2.69) |
(2.59) |
(0.69) |
(0.10) |
|||
Adjusted net loss per ADS(3) (non-GAAP) |
|||||||
Basic |
(2.69) |
(2.59) |
(0.69) |
(0.10) |
|||
Diluted |
(2.69) |
(2.59) |
(0.69) |
(0.10) |
|||
Weighted average number of ordinary shares used in calculating adjusted net loss per ordinary share |
|||||||
Basic |
31,807,180 |
30,178,859 |
30,178,859 |
30,178,859 |
|||
Diluted |
31,807,180 |
30,178,859 |
30,178,859 |
30,178,859 |
|||
Weighted average number of ordinary shares used in calculating adjusted net loss per ADS(3) |
|||||||
Basic |
31,807,180 |
30,178,859 |
30,178,859 |
30,178,859 |
|||
Diluted |
31,807,180 |
30,178,859 |
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 RMB7.2567 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. (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. |
Police Seize 19.5 Million Meth Pills in Bokeo Province

On 17 May, Police in Bokeo Province seized 19.5 million methamphetamine pills hidden inside a trailer truck at the Nam Kerng checkpoint. Authorities have detained both the vehicle and its driver for further investigation.
The incident occurred at around 11:10 am, when authorities stopped a 22-wheel trailer truck traveling from the Tonpheung district toward the Huayxai district. Upon inspection, they questioned the driver, 29-year-old Pae Wang from Phonsavang village in Nambak district, Luang Prabang province.
Officers then discovered that the truck’s container had been modified to conceal illegal drugs, prompting the detention of both the driver and the vehicle. The case was immediately reported to the Bokeo Provincial Anti-Narcotics Command, and the truck was sent for further investigation.
Authorities uncovered 78 bags containing a total of 19.5 million methamphetamine pills, weighing approximately 2,184 kilograms. Expert investigators are now working to expand the investigation and identify all individuals involved for legal prosecution.
Just two days prior to this incident, Bokeo police intercepted a shipment of 10 million methamphetamine pills.
Additionally, on 21 April, Bokeo authorities confiscated over 20 million methamphetamine tablets weighing approximately 2,020 kilograms.
In just the months of April and May 2025, authorities in Bokeo province seized nearly 50 million methamphetamine pills, highlighting the region’s ongoing struggle with large-scale drug trafficking.
Meanwhile, in Vientiane Capital, official statistics document 27 drug-related cases during the first quarter of 2025, resulting in the arrest of 47 suspects. The confiscated substances primarily included amphetamine tablets, crystal methamphetamine, ketamine, and various other illicit drugs.
In 2024, Laos documented 3,395 drug-related cases, leading to over 5,000 arrests, including 199 foreign nationals. The most frequently trafficked substances were heroin, methamphetamine, cannabis, opium, and kratom.
CIMC Modular Building Systems Pioneers Sustainable Modular Hotel Construction in Saudi Arabia, Setting a New Benchmark in the Middle East
SHENZHEN, China, May 20, 2025 /PRNewswire/ — CIMC Modular Building Systems (MBS), a global leader in modular construction, has signed a landmark agreement to deliver the Earth Riyadh Hotel in Saudi Arabia. As the company’s first hospitality project in the region, this milestone reinforces CIMC MBS’s commitment to advancing sustainable building practices and offering innovative solutions to the global hospitality sector.
Setting a New Benchmark for Modular Construction in the Middle East
Earth Hotels, a conscious and design-forward hospitality group built for the modern, mindful traveler, is setting the stage for its bold new openings across Saudi Arabia and Europe.
The Earth Riyadh Hotel is a three-story, four-star boutique property with a total floor area of 11,000 square meters, scheduled for completion in 2026. Located in the vibrant Al Maathar district near key attractions and the Diplomatic Quarter, the hotel will offer 86 signature rooms, lofts, and suites designed for both business and leisure travelers. More than just a place to stay, Earth Riyadh promises an immersive experience that blends Saudi cultural with laid-back vibes, bold locally inspired designs, and purposeful hospitality.
CIMC MBS will provide a full spectrum of services including module design, offsite manufacturing, and on-site installation. This advanced modular construction technology is expected to shorten the construction timeline by over 50% compared to traditional methods, while significantly enhancing resource and energy efficiency.
“We are proud to contribute our modular expertise to this landmark project in Riyadh,” said Victor Zhu, Managing Director of CIMC MBS. “It reflects our commitment to delivering efficient, sustainable building solutions to partners worldwide.”
The hotel’s developer praised CIMC MBS’s proven technical competence and execution capabilities, noting the project as a model for supporting Saudi Arabia’s smart city and tourism ambitions.
Driving Innovation and Global Collaboration
With more than 20 years of international project experience, CIMC MBS has delivered modular building solutions across over 20 countries and regions. The Earth Riyadh Hotel project marks a significant step in the company’s global expansion and underscores its role in shaping the future of sustainable construction.
This project is expected to play a key role in enhancing Saudi Arabia’s tourism infrastructure and serves as a compelling example of international cooperation in the construction industry.
Kingston Powers Tomorrow: Enabling the Future of AI with High-Performance Solutions at COMPUTEX 2025
TAIPEI, May 20, 2025 /PRNewswire/ — Kingston Technology, a world leader in memory products and technology solutions, returns to COMPUTEX 2025 with the theme “Kingston Powers Tomorrow: Committed to the AI Future.“ Staying true to its Built on Commitment promise, Kingston unveils its Kingston Future City showroom, spotlighting innovation across speed, intelligence, and imagination. From AI servers to aerospace, the exhibit brings real-world use cases of Kingston’s memory and storage solutions to life. Featured highlights include the newly launched Kingston FURY™ Renegade G5 SSD, enterprise-grade DC3000ME SSD, and compact solutions like the DataTraveler® Exodia™ S USB. As AI continues to transform industries, Kingston supports this shift with solutions rooted in quality, performance, and an enduring commitment to innovation.
“At Kingston, we don’t just anticipate the future, we help build it,” says Kevin Wu, Vice President of Sales/Marketing and Business Development Vice President, APAC. “From powering AI servers to supporting aerospace innovations, Kingston’s memory and storage solutions are enabling the breakthroughs of tomorrow. Built on Commitment is the foundation of everything we do, and at COMPUTEX 2025, we’re proud to showcase how that promise continues to push the boundaries of innovation.”
Kingston Future City is an immersive tech experience that brings the company’s vision of an AI-powered world to life. Divided into three zones, the exhibit showcases how Kingston’s innovations are shaping tomorrow’s technologies.
Kingston Intelligence Hub
At the heart of Kingston Future City, the Kingston Intelligence Hub highlights how Kingston’s enterprise memory and storage solutions power the rapid evolution of AI and robotics. This zone features the newly launched DC3000ME PCIe 5.0 NVMe U.2 SSD and Server Premier DDR5 Memory, supercharging a GIGABYTE AI server rack. Engineered for exceptional speed, endurance, and reliability, these solutions are built to meet the rigorous demands of AI workloads.
Kingston’s AI-ready solutions support robots, AI PCs, and AI servers, delivering tangible benefits in public safety, data security, and production line efficiency. Exemplifying Kingston’s Built on Commitment philosophy, they provide reliable, end-to-end infrastructure for next-generation AI applications. To illustrate real-world implementation, Kingston partners with Taiwan Intelligent Robotics Company, Ltd. (TIRC) to showcase its Multi-modal Inspection Robot Solution. Deployed in challenging environments such as factories and remote field sites, these robots collect and transmit large volumes of data and image for real-time AI analysis. Powered by Kingston’s DC3000ME SSD and Server Premier DDR5 Memory in AI servers, along with Kingston FURY Renegade DDR5 Memory and Kingston FURY Renegade G5 SSD in AI PCs, the system enables rapid detection and response to safety hazards, security breaches, and anomalies. With dependable performance at every stage of the data journey, Kingston plays a pivotal role in advancing smarter, faster, and more responsive AI systems across industries.
FURY Accelerat ion Center
As the power engine of Kingston Future City, the FURY Acceleration Center is fueled by Kingston FURY Memory and SSDs, delivering ultra-fast performance for demanding workloads and next-gen gaming. This zone showcases the newly launched Kingston FURY Renegade G5 PCIe 5.0 NVMe M.2 SSD, one of the world’s fastest client SSDs, in action with a high-performance ASUS PC build. Also on display are the Kingston FURY Renegade DDR5 CUDIMM at an enhanced overclocked speed of 8,800MT/s, and the compact Kingston FURY Impact DDR5 CAMM2, featured on a customized GIGABYTE AORUS motherboard and shown in expanded capacities for PC build, notebook and mobile workstation users.
Innovative Creators Lab
As the creative hub of Kingston Future City, this space underscores Kingston’s expanding role in advanced technologies. Kingston’s solutions have previously participated in aerospace and satellite communications, facilitating ground-to-air data transmission. This year, Kingston partners with the Rocket Technology Exploration Team (RTET), a student team from NTUST and NFU in East Asia, to demonstrate its solutions in real-world aerospace applications. On-site, a functioning rocket powered with PCIe Gen5 speed of Kingston FURY Renegade G5 SSD is displayed, featuring a custom-developed avionics system that captures and transmits flight data in real-time. Meanwhile, Kingston FURY Renegade DDR5 memory and G5 SSD are installed in a high-performance MSI PC to handle real-time mission data processing and analysis on the ground.
The Creators Lab also spotlights Kingston’s solutions for creators and tech enthusiasts. New designs for the XS1000 and XS2000 External SSDs debut at COMPUTEX 2025, alongside the newly launched Kingston DataTraveler Exodia S USB flash drive, and updated Canvas Plus series SD and microSD cards, now with faster speeds. From aerospace exploration to creative production, this space highlights the innovation and engineering strength of emerging talent, while reinforcing Kingston’s commitment to delivering high-performance solutions across the most demanding technology fields.
Kingston can be found on:
Facebook: https://www.facebook.com/KingstonAPAC
YouTube: http://www.youtube.com/user/KingstonAPAC
About Kingston Technology
From big data to IoT devices, including laptops, PCs, and wearable technology, Kingston Technology is dedicated to delivering top-tier product solutions, service, and support. Trusted by leading PC manufacturers and global cloud providers, we value our long-term partnerships that help us evolve and innovate. We ensure every solution meets the highest standards by prioritizing quality and customer care. At every step, we listen, learn, and engage with our customers and partners to deliver solutions that make a lasting impact. To learn more about Kingston Technology and our “Built on Commitment” vision, visit Kingston.com.
Kingston and the Kingston logo are registered trademarks of Kingston Technology Corporation.
IronKey is a registered trademark of Kingston Digital, Inc. Kingston FURY and the Kingston FURY logo are trademarks of Kingston Technology Corporation. All rights reserved. All trademarks are the property of their respective owners.
XTransfer Named Among The Top 100 Cross-Border Payments Companies for 2025 by FXC Intelligence

HONG KONG SAR – Media OutReach Newswire – 20 May 2025 – XTransfer, the world’s leading and China’s No.1 B2B Cross-Border Trade Payment Platform, has been named for the first time to FXC Intelligence‘s Top 100 Cross-Border Payments Companies list for 2025. XTransfer’s debut on this prestigious list places it among a select group of companies at the forefront of innovation, inclusion, and global financial connectivity.

FXC Intelligence, a leading data and intelligence provider for the cross-border payments industry, annually recognises the most influential companies in money transfers, payment processing, e-commerce, and B2B payments. This acknowledgement highlights XTransfer’s increasing significance in the global payments ecosystem and emphasises its commitment to empowering companies involved in cross-border trade through innovative financial solutions.
Founded in 2017, XTransfer has rapidly emerged as a key player addressing the unique challenges SMEs face in cross-border transactions. With a strong focus on the Asia-to-global and global-to-Asia trade corridors, the company now serves over 600,000 enterprises in more than 200 markets, processing more than $10 billion in monthly transactions.
“Being recognised by FXC Intelligence in this prestigious list is a tremendous honour and a testament to the trust our customers place in us,” said Bill Deng, CEO and Founder of XTransfer. “We remain committed to removing barriers for SMEs in cross-border trade by offering efficient, secure, and affordable international payment solutions.”
XTransfer’s inclusion reflects its exciting global expansion over the past year. It has secured payment licenses in key U.S. states and Singapore, and has experienced significant traction in emerging markets. In Q1 2025, nearly 70% of XTransfer’s platform customers were exporting to Asia, Africa, or Latin America, highlighting the platform’s growing relevance in underserved regions.
Recent innovations include the launch of the global mobile app and the rollout of its Local Currency Account, designed to simplify payments in emerging markets. Additionally, XTransfer has deepened its global reach through strategic partnerships with financial institutions such as Ecobank, Deutsche Bank, Terrapay and Banking Circle.
Hashtag: #XTransfer #SMEs #FXC #Top100 #Crossborder #Payment
https://www.xtransfer.com
https://www.linkedin.com/company/xtransfer.cn/
https://x.com/xtransferglobal
https://www.facebook.com/XTransferGlobal/
https://www.instagram.com/xtransfer.global/
The issuer is solely responsible for the content of this announcement.