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.
[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 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 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:
Chenyang Yan Andrea Guo DouYu International Holdings Limited Piacente Financial Communications Email: ir@douyu.tv Email: douyu@tpg-ir.com Tel: +86 (10) 6508-0677 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 September 30
----------------- --------------------
2024 2025 2025
----------------- ---------- --------
ASSETS RMB RMB US$ (1)
Current assets:
Cash and cash equivalents 1,017,148 1,551,938 217,999
Restricted cash 83 163 23
Short-term bank deposits 3,070,374 547,296 76,878
Accounts receivable, net 49,057 60,376 8,481
Prepayments 26,885 18,871 2,651
Amounts due from related
parties 74,175 85,193 11,967
Other current assets, net 231,354 225,761 31,712
----------------- ---------- --------
Total current assets 4,469,076 2,489,598 349,711
Property and equipment, net 7,093 5,251 738
Intangible assets, net 60,917 40,121 5,636
Long-term bank deposits 360,000 100,000 14,047
Investments 456,815 396,728 55,728
Right-of-use assets, net 15,816 10,348 1,454
Other non-current assets 76,616 64,371 9,042
----------------- ---------- --------
Total non-current assets 977,257 616,819 86,645
----------------- ---------- --------
TOTAL ASSETS 5,446,333 3,106,417 436,356
================= ========== ========
LIABILITIES AND SHAREHOLDERS'
EQUITY
LIABILITIES
Current liabilities:
Accounts payable 498,667 510,475 71,706
Advances from customers 4,444 3,102 436
Deferred revenue 252,346 242,749 34,099
Accrued expenses and other
current liabilities 242,517 191,220 26,861
Amounts due to related parties 222,589 145,149 20,389
Lease liabilities due within
one year 11,458 7,796 1,095
----------------- ---------- --------
Total current liabilities 1,232,021 1,100,491 154,586
----------------- ---------- --------
Non-current liabilities:
Lease liabilities 4,223 1,954 274
Total non-current liabilities 4,223 1,954 274
----------------- ---------- --------
TOTAL LIABILITIES 1,236,244 1,102,445 154,860
----------------- ---------- --------
(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 RMB7.1190
to US$1.00, the noon buying rate in effect on Sep 30, 2025, in the H.10
statistical release of the Federal Reserve Board.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)
(All amounts in thousands, except share, ADS, per share and per ADS data)
As of December 31 As of September 30
----------------- ----------------------
2024 2025 2025
----------------- ----------- ---------
RMB RMB US$ (1)
SHAREHOLDERS' EQUITY
Ordinary shares 20 20 3
Additional paid-in capital 7,514,498 5,363,717 753,437
Accumulated deficit (3,791,817) (3,822,271) (536,911)
Accumulated other
comprehensive income 487,388 462,506 64,967
----------------- ----------- ---------
Total DouYu Shareholders'
Equity 4,210,089 2,003,972 281,496
Total Shareholders' Equity 4,210,089 2,003,972 281,496
----------------- ----------- ---------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY 5,446,333 3,106,417 436,356
================= =========== =========
(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 RMB7.1190
to US$1.00, the noon buying rate in effect on Sep 30, 2025, in the H.10
statistical release of the Federal Reserve Board.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(All amounts in thousands, except share, ADS, per share and per ADS data)
Three Months Ended Nine Months Ended
----------------------------------------------- ------------------------------------
Sep 30, Jun 30, Sep 30, Sep 30, Sep 30, Sep 30, Sep 30,
202 4 2025 2025 2025 202 4 2025 2025
----------- ---------- ---------- ---------- ----------- ----------- ----------
RMB RMB RMB US$ (1) RMB RMB US$ (1)
Net revenues 1,063,101 1,053,915 899,111 126,297 3,134,826 2,900,077 407,371
Cost of revenues (1,002,282) (911,975) (783,022) (109,990) (2,880,784) (2,528,541) (355,182)
----------- ---------- ---------- ---------- ----------- ----------- ----------
Gross profit 60,819 141,940 116,089 16,307 254,042 371,536 52,189
----------- ---------- ---------- ---------- ----------- ----------- ----------
Operating expenses
Sales and
marketing
expenses (79,260) (61,585) (52,331) (7,351) (231,793) (186,845) (26,246)
General and
administrative
expenses (41,462) (39,816) (35,274) (4,955) (132,754) (110,877) (15,575)
Research and
development
expenses (43,243) (27,611) (26,888) (3,777) (147,526) (87,248) (12,256)
Other operating
income
(expenses), net 8,964 1,318 10,334 1,452 (122,655) 13,468 1,892
----------- ---------- ---------- ---------- ----------- ----------- ----------
Total operating
expenses (155,001) (127,694) (104,159) (14,631) (634,728) (371,502) (52,185)
----------- ---------- ---------- ---------- ----------- ----------- ----------
( Loss )
income from
operations (94,182) 14,246 11,930 1,676 (380,686) 34 4
Other income
(expenses), net 44,242 9,463 (10,124) (1,422) 43,299 (59,215) (8,318)
Interest Income 60,840 19,200 18,105 2,543 217,906 47,446 6,665
Foreign exchange
(expenses)
income (70) (17) (232) (33) 688 9 1
----------- ---------- ---------- ---------- ----------- ----------- ----------
Income (loss)
before income
taxes and share of
loss in equity
method
investments 10,830 42,892 19,679 2,764 (118,793) (11,726) (1,648)
----------- ---------- ---------- ---------- ----------- ----------- ----------
Income tax expense (6,432) (8,151) (6,662) (936) (8,943) (19,946) (2,802)
Share of (loss)
income in equity
method
investments (994) 3,088 (1,688) (237) (5,982) 1,218 171
----------- ---------- ---------- ---------- ----------- ----------- ----------
Net i ncome (loss) 3,404 37,829 11,329 1,591 (133,718) (30,454) (4,279)
----------- ---------- ---------- ---------- ----------- ----------- ----------
Net income (loss)
attributable to
ordinary
shareholders of
the Company 3,404 37,829 11,329 1,591 (133,718) (30,454) (4,279)
=========== ========== ========== ========== =========== =========== ==========
Net income (loss)
per ordinary share
Basic 0.11 1.25 0.38 0.05 (4.31) (1.01) (0.14)
Diluted 0.11 1.25 0.38 0.05 (4.31) (1.01) (0.14)
Net income (loss)
per ADS( (2) ()
Basic 0.11 1.25 0.38 0.05 (4.31) (1.01) (0.14)
Diluted 0.11 1.25 0.38 0.05 (4.31) (1.01) (0.14)
Weighted average number of ordinary shares used in calculating net income (loss) per ordinary share
Basic 30,228,317 30,178,859 30,178,859 30,178,859 31,051,664 30,178,859 30,178,859
Diluted 30,228,317 30,178,859 30,178,859 30,178,859 31,051,664 30,178,859 30,178,859
Weighted average number of ADS used in calculating net income (loss) per ADS
Basic 30,228,317 30,178,859 30,178,859 30,178,859 31,051,664 30,178,859 30,178,859
Diluted 30,228,317 30,178,859 30,178,859 30,178,859 31,051,664 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 RMB7.1190 to US$1.00, the noon buying rate in effect on Sep 30, 2025, in the H.10 statistical
release of the Federal Reserve Board. (2) Every one ADS represents one ordinary share.
RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
(All amounts in thousands, except share, ADS, per share and per ADS data)
Three Months Ended Nine Months Ended
---------------------------------------------- ----------------------------------
Sep 30, Jun 30, Sep 30, Sep 30, Sep 30, Sep 30, Sep 30,
202 4 202 5 2025 202 5 202 4 202 5 202 5
---------- ---------- ---------- ---------- ---------- ---------- ----------
RMB RMB RMB US$ (1) RMB RMB US$ (1)
( Loss ) income from
operations (94,182) 14,246 11,930 1,676 (380,686) 34 4
Adjusted Operating ( loss )
income (non-GAAP) (94,182) 14,246 11,930 1,676 (380,686) 34 4
========== ========== ========== ========== ========== ========== ==========
Net i ncome ( l oss) 3,404 37,829 11,329 1,591 (133,718) (30,454) (4,279)
Add/(Reversal of):
Share of loss (income) in
equity method investments 994 (3,088) 1,688 237 5,982 (1,218) (171)
Impairment losses and fair
value adjustments on
investments((2) () (44,242) (9,463) 10,124 1,422 (43,299) 59,215 8,318
---------- ---------- ---------- ---------- ---------- ---------- ----------
Adjusted net (loss) income
(non-GAAP) (39,844) 25,278 23,141 3,250 (171,035) 27,543 3,868
========== ========== ========== ========== ========== ========== ==========
Net income ( loss
) attributable to DouYu 3,404 37,829 11,329 1,591 (133,718) (30,454) (4,279)
Add/(Reversal of):
Share of loss (income) in
equity method investments 994 (3,088) 1,688 237 5,982 (1,218) (171)
Impairment losses and fair
value adjustments on
investments (44,242) (9,463) 10,124 1,422 (43,299) 59,215 8,318
---------- ---------- ---------- ---------- ---------- ---------- ----------
Adjusted net
(loss) income attributable
to DouYu (39,844) 25,278 23,141 3,250 (171,035) 27,543 3,868
========== ========== ========== ========== ========== ========== ==========
Adjusted net (loss) income
per ordinary share
(non-GAAP)
Basic (1.32) 0.84 0.77 0.11 (5.51) 0.91 0.13
Diluted (1.32) 0.84 0.77 0.11 (5.51) 0.91 0.13 Adjusted net (loss) income per ADS((3) () (non-GAAP) Basic (1.32) 0.84 0.77 0.11 (5.51) 0.91 0.13 Diluted (1.32) 0.84 0.77 0.11 (5.51) 0.91 0.13 Weighted average number of ordinary shares used in calculating Adjusted net (loss) income per ordinary share Basic 30,228,317 30,178,859 30,178,859 30,178,859 31,051,664 30,178,859 30,178,859 Diluted 30,228,317 30,178,859 30,178,859 30,178,859 31,051,664 30,178,859 30,178,859 Weighted average number of ADS used in calculating net (loss) income per ADS(2) Basic 30,228,317 30,178,859 30,178,859 30,178,859 31,051,664 30,178,859 30,178,859 Diluted 30,228,317 30,178,859 30,178,859 30,178,859 31,051,664 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 RMB7.1190 to US$1.00, the noon buying rate in effect on Sep 30, 2025, in the H.10 statistical release of the Federal Reserve Board. (2) Impairment losses and fair value adjustments on investments was included in line item "Other income (expenses), net" of condensed consolidated statements of income (loss). ( (3) () Every one ADS represents one ordinary share.
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SOURCE DouYu International Holdings Limited
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November 20, 2025 04:00 ET (09:00 GMT)
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