DouYu International Holdings Limited Reports Fourth Quarter and Full Year 2025 Unaudited Financial Results

Rhea-AI Summary

DouYu (Nasdaq: DOYU) reported fourth quarter and full year 2025 unaudited results on March 25, 2026. Total Q4 revenue was RMB918.8M, with Q4 gross profit RMB118.0M and gross margin 12.8%. Full‑year 2025 revenue was RMB3,818.9M and adjusted net income was RMB40.2M. Cash and deposits were RMB2,283.7M as of December 31, 2025, after a US$300M special cash dividend.

Management highlighted revenue diversification, cost optimization and improved profitability versus 2024, noting growth in innovative business and better margins driven by lower content and bandwidth costs.

Positive

• Gross margin improved to 12.8% in 2025 (from 7.6% in 2024)
• Adjusted net income turned positive: RMB40.2 million for 2025
• Q4 gross profit increased 69.1% to RMB118.0 million
• Innovative, advertising and other revenues grew 37% year-over-year
• Net loss narrowed to RMB29.1 million for full year 2025

Negative

• Full‑year revenue declined to RMB3,818.9 million (down >10% YoY)
• Q4 livestreaming revenue dropped 29.8% to RMB513.0 million
• Average mobile MAUs fell to 27.6 million in Q4 from 30.5 million
• Cash and deposits fell to RMB2,283.7 million after US$300M dividend

News Market Reaction – DOYU

+5.30%

2 alerts

+5.30% Session close to close

$146.58M Market Cap

0.6x Rel. Volume

In the Mar 25 session, DOYU gained 5.30%, reflecting a notable positive market reaction. Our momentum scanner triggered 2 alerts that day, indicating moderate trading interest and price volatility.

Data tracked by StockTitan Argus on the day of publication.

Market Context

The stock moved +5.3% in the session following this news. A strong positive reaction aligns with the...

Analysis

The stock moved +5.3% in the session following this news. A strong positive reaction aligns with the report’s improvement in profitability and margins despite revenue pressure. Q4 2025 delivered gross profit of RMB118.0 million and full-year adjusted net income of RMB40.2 million, both sharply better year over year. However, total revenues declined and MAUs fell, so reliance on cost cuts and mix shift remains a key risk if growth in core user metrics does not stabilize.

Key Figures

Q4 2025 total net revenues: RMB918.8 million Q4 2025 gross profit: RMB118.0 million Q4 2025 income from operations: RMB4.7 million +5 more

8 metrics

Q4 2025 total net revenues RMB918.8 million Fourth quarter 2025 vs RMB1,136.0 million in Q4 2024

Q4 2025 gross profit RMB118.0 million Fourth quarter 2025 vs RMB69.8 million in Q4 2024

Q4 2025 income from operations RMB4.7 million Fourth quarter 2025 vs loss of RMB192.9 million in Q4 2024

Full year 2025 total net revenues RMB3,818.9 million Full year 2025 vs RMB4,270.8 million in 2024

Full year 2025 gross profit RMB489.5 million Full year 2025 vs RMB323.8 million in 2024

Full year 2025 net loss RMB29.1 million Full year 2025 vs net loss of RMB306.8 million in 2024

Full year 2025 adjusted net income RMB40.2 million Non-GAAP, full year 2025 vs adjusted net loss of RMB249.2 million in 2024

Cash and deposits RMB2,283.7 million As of Dec 31, 2025; down from RMB4,467.8 million after US$300M dividend

Previous Earnings Reports

5 past events · Latest: Nov 20 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Nov 20	Q3 2025 earnings	Positive	-5.0%	Revenue down but strong margin gains and turn to net profitability.
Aug 18	Q2 2025 earnings	Positive	+14.3%	Revenue growth, sharp profit turnaround, and strong innovative business.
May 20	Q1 2025 earnings	Neutral	-0.7%	Revenues down but profitability metrics improved and diversification progressed.
Mar 14	FY/Q4 2024 earnings	Negative	+10.4%	Revenue declines and Q4 loss despite innovative segment growth.
Nov 20	Q3 2024 earnings	Negative	-1.6%	Broad revenue, MAU and paying user declines with weaker profitability.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Earnings releases have produced mixed reactions: strong fundamental improvement sometimes met with negative or muted price moves, and weaker reports occasionally seeing rallies.

Recent Company History

Over the last five earnings cycles from Nov 2024 through Nov 2025, DOYU shifted from broad revenue declines and losses toward improved margins and recurring profitability. Innovative business and cost optimization have been consistent themes, while livestreaming revenue and MAUs trended lower. Price reactions varied, with both gains and selloffs around earnings. Today’s Q4 2025 and full-year 2025 release continues the pattern of revenue pressure but better gross margin and adjusted profitability.

Key Terms

maus, arppu, non-gaap, ads, +1 more

5 terms

maus technical

"In the fourth quarter, average mobile MAUs[2] were 27.6 million, compared"

Monthly active users (often abbreviated MAUs) counts the number of distinct people who use a digital product or service at least once during a 30-day period. Investors use it like a foot-traffic counter for an online business: rising MAUs suggest growing reach and potential sales, while falling MAUs can signal weakening engagement and future revenue risk. It helps gauge how well a company attracts and retains real, repeat customers over time.

arppu financial

"the number of quarterly average paying users[3] for live streaming-related business was 2.6 million, with a quarterly ARPPU of RMB230."

Average revenue per paying user (ARPPU) measures the average amount of money a company earns from each customer who actually pays for its product or service during a set period. Investors use it to understand how well a company turns active customers into revenue—like checking the average bill per diner rather than just counting guests—so rising ARPPU suggests stronger pricing or upselling while a drop can signal weakening monetization.

non-gaap financial

"Adjusted net income (non-GAAP)[1] in the fourth quarter of 2025 was RMB12.6 million"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

View in glossary

ads financial

"Basic and diluted net income per ADS[5] in the fourth quarter of 2025 were both RMB0.05"

Ads are paid promotional messages a company places across media — online, on TV, in print, or on social platforms — to attract customers, explain products, or shape public perception. For investors, ads matter because they drive sales growth, affect how much a company must spend to win customers, and influence brand strength and long-term value. Ads can also create regulatory or reputational risk if claims are misleading, which can affect profits and stock price.

equity method investments financial

"calculated as net income excluding share of loss in equity method investments and impairment losses"

An equity method investment is an accounting approach used when a company owns a significant share of another company and can influence its decisions but does not fully control it; instead of listing the investment at cost, the investor records its share of the other company's profits or losses on its own income statement and adjusts the investment value on the balance sheet. For investors, this matters because it links the investor’s reported earnings and asset values directly to the financial performance of that partly-owned business, similar to how a partner’s gains affect a small business owner’s books.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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WUHAN, China, March 25, 2026 /PRNewswire/ -- DouYu International Holdings Limited ("DouYu" or the "Company") (Nasdaq: DOYU), a leading game-centric live streaming platform in China and a pioneer in the eSports value chain, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2025.

Fourth Quarter 2025 Financial Highlights

• Total net revenues in the fourth quarter of 2025 were RMB918.8 million (US$131.4 million), compared with RMB1,136.0 million in the same period of 2024.
• Gross profit in the fourth quarter of 2025 was RMB118.0 million (US$16.9 million), compared with RMB69.8 million in the same period of 2024. 
• Income from operations in the fourth quarter of 2025 was RMB4.7 million (US$0.7 million), compared with a loss from operations of RMB192.9 million in the same period of 2024.
• Net income in the fourth quarter of 2025 was RMB1.4 million (US$0.2 million), compared with a net loss of RMB173.1 million in the same period of 2024.
• Adjusted net income (non-GAAP)^[1] in the fourth quarter of 2025 was RMB12.6 million (US$1.8 million), compared with an adjusted net loss (non-GAAP) of RMB78.2 million in the same period of 2024.

Full Year 2025 Financial Highlights

• Total net revenues for the full year of 2025 were RMB3,818.9 million (US$546.1 million), compared with RMB4,270.8 million for the full year of 2024.
• Gross profit for the full year of 2025 was RMB489.5 million (US$70.0 million), compared with RMB323.8 million for the full year of 2024. 
• Net loss for the full year of 2025 was RMB29.1 million (US$4.2 million), compared with RMB306.8 million for the full year of 2024.
• Adjusted net income (non-GAAP) for the full year of 2025 was RMB40.2 million (US$5.7 million), compared with an adjusted net loss (non-GAAP) of RMB249.2 million for the full year of 2024.

Ms. Simin Ren, Co-Chief Executive Officer of DouYu, commented, "Through the collective efforts of the entire DouYu team, we significantly improved our overall business performance in 2025 compared with 2024, despite a challenging external environment. Over the past year, we have made notable strides in diversifying our revenue and improving cost efficiency. Revenues from our innovative business, advertising and other sector grew 37% year over year, strengthening our competitive resilience and markedly enhancing financial sustainability. These accomplishments have laid a solid foundation for our long-term growth. In the fourth quarter, we remained focused on our core business and continued to enhance user experience. We refreshed our brand image and introduced our new slogan, 'See Every Passion.' We also resumed hosting in-person events with the Optics Valley ESports Carnival, attracting tens of millions of participants, both online and offline. Looking ahead, we will continue to place user passion at the center of our strategy, improve the quality of our content and services and drive ongoing innovation to create long-term value."

Mr. Hao Cao, Vice President of DouYu, commented, "In the fourth quarter of 2025, amid continued pressure on our live streaming business, we sustained profitability and steady cash flow by focusing on operational efficiency. On a full-year basis, our financial capability saw substantial development. Gross margin reached 12.8% in 2025, a significant improvement from 7.6% in 2024. Adjusted net income turned positive at RMB40.2 million, compared with an adjusted net loss of RMB249.2 million in 2024. Our revenue diversification and cost-efficiency initiatives and optimized resource allocation have bolstered financial resilience, providing a stronger foundation for the Company to maintain robust operations and pursue healthy growth in a competitive environment."

Fourth Quarter 2025 Operational Highlights

• In the fourth quarter, average mobile MAUs^[2] were 27.6 million, compared with 30.5 million in the third quarter of 2025, primarily attributable to the continued impact of cost structure optimization and a more disciplined content supply strategy, as well as the ongoing reduction of low-ROI events. These adjustments reduced retention and engagement among light users. Core users and paying users were relatively less affected, with the number of paying users remaining stable. We will continue to improve the user experience through innovations in activity design, monetization models and collaboration approaches to further enhance the efficiency and appeal of our events and content offerings. During the fourth quarter, we co-hosted tournaments and offline events and will continue to explore new formats for events and content going forward.
• In the fourth quarter, the number of quarterly average paying users^[3] for live streaming-related business was 2.6 million, with a quarterly ARPPU of RMB230. The slight decrease in paying users was primarily attributable to weaker consumer spending amid the prevailing macroeconomic environment as well as fewer promotional activities resulting from adjustments to our platform's operational strategy.
• In the fourth quarter, revenues from our voice-based social networking business reached RMB271.0 million. Average MAUs for the voice-based social networking business for the fourth quarter were 286,300, with 63,600 monthly average paying users^[4]. During the quarter, we focused on optimizing the traffic distribution mechanism and resource allocation efficiency for the voice business. These efforts enhanced the business' profitability while maintaining a healthy community ecosystem, delivering performance in line with our expectations.

Fourth Quarter 2025 Financial Results

Total net revenues in the fourth quarter of 2025 decreased by 19.1% to RMB918.8 million (US$131.4 million), compared with RMB1,136.0 million in the same period of 2024.

Livestreaming revenues in the fourth quarter of 2025 decreased by 29.8% to RMB513.0 million (US$73.4 million) from RMB730.9 million in the same period of 2024, primarily driven by the decrease in both the number of total paying users and average revenue per paying user as a result of fewer promotional activities and reduced consumer spending amid the prevailing macroeconomic environment.

Innovative business, advertising and other revenues in the fourth quarter of 2025 increased by 0.2% to RMB405.8 million (US$58.0 million) from RMB405.1 million in the same period of 2024, primarily attributable to increased revenues from our voice-based social networking service and seasonal fluctuations in gaming membership revenues.

Cost of revenues in the fourth quarter of 2025 decreased by 24.9% to RMB800.8 million (US$114.5 million) from RMB1,066.2 million in the same period of 2024.

Revenue-sharing fees and content costs in the fourth quarter of 2025 decreased by 25.3% to RMB669.6 million (US$95.7 million) from RMB896.2 million in the same period of 2024, primarily driven by reductions in content costs as part of our cost optimization efforts, as well as lower revenue-sharing fees resulting from decreased live streaming revenues.

Bandwidth costs in the fourth quarter of 2025 decreased by 32.2% to RMB47.7 million (US$6.8 million) from RMB70.3 million in the same period of 2024, primarily attributable to improved bandwidth allocation and a year-over-year decrease in peak bandwidth usage.

Gross profit in the fourth quarter of 2025 increased by 69.1% to RMB118.0 million (US$16.9 million) from RMB69.8 million in the same period of 2024, primarily driven by lower content and bandwidth costs. Gross margin in the fourth quarter of 2025 increased to 12.8% from 6.1% in the same period of 2024.

Sales and marketing expenses in the fourth quarter of 2025 decreased by 40.0% to RMB47.6 million (US$6.8 million) from RMB79.3 million in the same period of 2024, primarily attributable to lower promotional expenses and reduced staff-related expenses.

Research and development expenses in the fourth quarter of 2025 decreased by 1.0% to RMB33.8 million (US$4.8 million) from RMB34.2 million in the same period of 2024, primarily attributable to lower staff-related expenses.

General and administrative expenses in the fourth quarter of 2025 decreased by 62.6% to RMB26.8 million (US$3.8 million) from RMB71.7 million in the same period of 2024, primarily attributable to the absence of one-off employee-streamlining expenses incurred in the same period last year and lower staff-related expenses.

Income from operations in the fourth quarter of 2025 was RMB4.7 million (US$0.7 million), compared with a loss from operations of RMB192.9 million in the same period of 2024.

Net income in the fourth quarter of 2025 was RMB1.4 million (US$0.2 million), compared with a net loss of RMB173.1 million in the same period of 2024.

Adjusted net income (non-GAAP), which is calculated as net income excluding share of loss in equity method investments and impairment losses and fair value adjustments on investments, was RMB12.6 million (US$1.8 million) in the fourth quarter of 2025, compared with an adjusted net loss (non-GAAP) of RMB78.2 million in the same period of 2024.

Basic and diluted net income per ADS[5] in the fourth quarter of 2025 were both RMB0.05 (US$0.01).

Adjusted basic and diluted net income per ADS (non-GAAP) in the fourth quarter of 2025 were both RMB0.42 (US$0.06).

Full Year 2025 Financial Results

Total net revenues for the full year of 2025 were RMB3,818.9 million (US$546.1 million), compared with RMB4,270.8 million in the same period of 2024, primarily driven by the year-over-year decrease in live streaming revenues, which was partially offset by the increase in innovative business, advertising and other revenues.

Gross profit for the full year of 2025 was RMB489.5 million (US$70.0 million), compared with RMB323.8 million in the same period of 2024.

Adjusted net income (non-GAAP), which is calculated as net income excluding share of loss in equity method investments and impairment losses and fair value adjustments on investments, was RMB40.2 million (US$5.7 million) for the full year of 2025, compared with an adjusted net loss (non-GAAP) of RMB249.2 million in the same period of 2024.

Basic and diluted net loss per ADS for the full year of 2025 were both RMB0.96 (US$0.14).

Adjusted basic and diluted net income per ADS (non-GAAP) for the full year of 2025 were both RMB1.33 (US$0.19).

Cash and cash equivalents, restricted cash and bank deposits

As of December 31, 2025, the Company had cash and cash equivalents, restricted cash, restricted cash in other non-current assets, and short-term and long-term bank deposits of RMB2,283.7 million (US$326.6 million), compared with RMB4,467.8 million as of December 31, 2024. The decrease was primarily attributable to a special cash dividend of US$300 million.

[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 live streaming, a wide array of video and graphic content, as well as opportunities to participate in community events and discussions. By nurturing a sustainable technology-based talent development system and relentlessly producing high-quality content, DouYu consistently delivers premium content through the integration of live streaming, video, graphics, and virtual communities with a primary focus on games. This enables DouYu to continuously enhance its user experience and pursue long-term healthy development. For more information, please see http://ir.douyu.com.

Use of Non-GAAP Financial Measures

Adjusted (loss) income from operations is calculated as (loss) income from operations adjusted for Impairment of goodwill and intangible assets. Adjusted net (loss) income is calculated as net (loss) income adjusted for share of (income) loss in equity method investments, impairment losses and fair value adjustments on investments, and impairment losses of intangible assets. Adjusted net (loss) income attributable to DouYu is calculated as net (loss) income attributable to DouYu adjusted for share of (income) loss in equity method investments, impairment losses and fair value adjustments on investments, and impairment losses of intangible assets. Adjusted basic and diluted net (loss) income per ordinary share is non-GAAP net (loss) income attributable to ordinary shareholders divided by the weighted average number of ordinary shares used in the calculation of non-GAAP basic and diluted net (loss) income per ordinary share. The Company adjusted the impact of (i) share of (income) loss in equity method investments, (ii) impairment losses and fair value adjustments on investments, and (iii) Impairment losses of intangible assets to understand and evaluate the Company's core operating performance. The non-GAAP financial measures are presented to enhance investors' overall understanding of the Company's financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with U.S. GAAP. Investors are encouraged to review the reconciliation of the historical non-GAAP financial measures to their most directly comparable GAAP financial measures. As non-GAAP financial measures have material limitations as analytical metrics and may not be calculated in the same manner by all companies, they may not be comparable to other similarly titled measures used by other companies. In light of the foregoing limitations, you should not consider non-GAAP financial measures as a substitute for, or superior to, such metrics in accordance with U.S. GAAP.

For more information on these non-GAAP financial measures, please see the table captioned "Reconciliations of GAAP and Non-GAAP Results" near the end of this release.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB6.9931 to US$1.00, the noon buying rate in effect on December 31, 2025, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB amounts could have been, or could be, converted, realized, or settled in U.S. dollars, at that rate on December 31, 2025, or at any other rate.

Safe Harbor Statement

This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company's results of operations and financial condition; the Company's business strategies and plans; general market conditions, in particular, the game live streaming market; the ability of the Company to retain and grow active and paying users; changes in general economic and business conditions in China; any adverse changes in laws, regulations, rules, policies or guidelines applicable to the Company; and assumptions underlying or related to any of the foregoing. In some cases, forward-looking statements can be identified by words or phrases such as "may," "will," "expect," "anticipate," "target," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. The announced results of the fourth quarter and full year of 2025 are preliminary and unaudited. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law.

Investor Relations Contact

In China:

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 December 31
	2024		2025		2025
ASSETS	RMB		RMB		US$ (1)
Current assets:
Cash and cash equivalents	1,017,148		1,759,127		251,552
Restricted cash	83		35		5
Short-term bank deposits	3,070,374		502,502		71,857
Accounts receivable, net	49,057		77,584		11,094
Prepayments	26,885		15,790		2,258
Amounts due from related parties	74,175		91,601		13,099
Other current assets, net	231,354		185,264		26,492
Total current assets	4,469,076		2,631,903		376,357
Property and equipment, net	7,093		5,040		721
Intangible assets, net	60,917		33,580		4,802
Long-term bank deposits	360,000		-		-
Investments	456,815		383,683		54,866
Right-of-use assets, net	15,816		7,900		1,130
Other non-current assets	76,616		57,845		8,272
Total non-current assets	977,257		488,048		69,791
TOTAL ASSETS	5,446,333		3,119,951		446,148
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES
Current liabilities:
Accounts payable	498,667		554,131		79,240
Advances from customers	4,444		2,311		330
Deferred revenue	252,346		236,900		33,876
Accrued expenses and other current liabilities	242,517		218,921		31,305
Amounts due to related parties	222,589		112,307		16,060
Lease liabilities due within one year	11,458		6,703		959
Total current liabilities	1,232,021		1,131,273		161,770
Lease liabilities	4,223		1,306		187
Total non-current liabilities	4,223		1,306		187
TOTAL LIABILITIES	1,236,244		1,132,579		161,957
(1) Translations of certain RMB amounts into U.S. dollars at a specified rate are solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB6.9931 to US$1.00, the noon buying rate in effect on December 31, 2025, in the H.10 statistical release of the Federal Reserve Board.

 

 

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 December 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		767,001
Accumulated deficit	(3,791,817)		(3,820,899)		(546,381)
Accumulated other comprehensive income	487,388		444,534		63,568
Total DouYu Shareholders' Equity	4,210,089		1,987,372		284,191
Total Shareholders' Equity	4,210,089		1,987,372		284,191
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	5,446,333		3,119,951		446,148
(1) Translations of certain RMB amounts into U.S. dollars at a specified rate are solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB6.9931 to US$1.00, the noon buying rate in effect on December 31, 2025, in the H.10 statistical release of the Federal Reserve Board.

 

 

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(All amounts in thousands, except share, ADS, per share and per ADS data)
	Three Months Ended								Year Ended
	Dec 31, 2024		Sep 30, 2025		Dec 31, 2025		Dec 31, 2025		Dec 31, 2024			Dec 31, 2025		Dec 31, 2025
	RMB		RMB		RMB		US$ (1)		RMB			RMB		US$ (1)
Net revenues	1,136,000		899,111		918,775		131,383		4,270,825			3,818,852		546,088
Cost of revenues	(1,066,209)		(783,022)		(800,785)		(114,511)		(3,946,993)			(3,329,325)		(476,087)
Gross profit	69,791		116,089		117,990		16,872		323,832			489,527		70,001
Operating (expenses) income(2)
Sales and marketing expenses	(79,348)		(52,331)		(47,637)		(6,812)		(311,140)			(234,482)		(33,530)
General and administrative expenses	(71,674)		(35,274)		(26,780)		(3,829)		(204,429)			(137,657)		(19,685)
Research and development expenses	(34,150)		(26,888)		(33,810)		(4,835)		(181,676)			(121,058)		(17,311)
Other operating (expenses) income, net	(77,520)		10,334		(5,041)		(721)		(200,174)			8,427		1,205
Total operating expenses	(262,692)		(104,159)		(113,268)		(16,197)		(897,419)			(484,770)		(69,321)
(Loss) Income from operations	(192,901)		11,930		4,722		675		(573,587)			4,757		680
Other (expenses) income, net	(21,401)		(10,124)		(8,100)		(1,158)		21,898			(67,315)		(9,626)
Interest income, net	45,147		18,105		16,884		2,414		263,052			64,330		9,199
Foreign exchange income (expenses), net	546		(232)		(526)		(75)		1,235			(517)		(74)
(Loss) income before income taxes and share of  income (loss) in equity method investments	(168,609)		19,679		12,980		1,856		(287,402)			1,255		179
Income tax expense	(6,464)		(6,662)		(8,463)		(1,210)		(15,407)			(28,409)		(4,062)
Share of income (loss) in equity method investments	1,981		(1,688)		(3,146)		(450)		(4,001)			(1,928)		(276)
Net (loss) income	(173,092)		11,329		1,371		196		(306,810)			(29,082)		(4,159)
Net (loss) income attributable to ordinary      shareholders of the Company	(173,092)		11,329		1,371		196		(306,810)			(29,082)		(4,159)
Net (loss) income per ordinary share
Basic	(5.74)		0.38		0.05		0.01		(9.95)			(0.96)		(0.14)
Diluted	(5.74)		0.38		0.05		0.01		(9.95)			(0.96)		(0.14)
Net (loss) income per ADS(3)
Basic	(5.74)		0.38		0.05		0.01		(9.95)			(0.96)		(0.14)
Diluted	(5.74)		0.38		0.05		0.01		(9.95)			(0.96)		(0.14)
Weighted average number of ordinary shares used in calculating net (loss) income per ordinary share
Basic	30,178,859		30,178,859		30,178,859		30,178,859		30,832,271			30,178,859		30,178,859
Diluted	30,178,859		30,178,859		30,178,859		30,178,859		30,832,271			30,178,859		30,178,859
Weighted average number of ADS used in calculating net (loss) income per ADS(3)
Basic	30,178,859		30,178,859		30,178,859		30,178,859		30,832,271			30,178,859		30,178,859
Diluted	30,178,859		30,178,859		30,178,859		30,178,859		30,832,271			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 RMB6.9931 to US$1.00, the noon buying rate in effect on December 31, 2025, in the H.10 statistical release of the Federal Reserve Board.
(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								Year Ended
	Dec 31, 2024		Sep 30, 2025		Dec 31, 2025		Dec 31, 2025		Dec 31, 2024		Dec 31, 2025		Dec 31, 2025
	RMB		RMB		RMB		US$ (1)		RMB		RMB		US$ (1)
(Loss) Income from operations	(192,901)		11,930		4,722		675		(573,587)		4,757		680
Add:
Impairment losses of intangible assets	75,473		-		-		-		75,473		-		-
Adjusted Operating (loss) income (non-GAAP)	(117,428)		11,930		4,722		675		(498,114)		4,757		680
Net (loss) income	(173,092)		11,329		1,371		196		(306,810)		(29,082)		(4,159)
Add:
Share of (income) loss in equity method investments	(1,981)		1,688		3,146		450		4,001		1,928		276
Impairment losses and fair value adjustments on investments(2)	21,401		10,124		8,100		1,158		(21,898)		67,315		9,626
Impairment losses of intangible assets	75,473		-		-		-		75,473		-		-
Adjusted net (loss) income (non-GAAP)	(78,199)		23,141		12,617		1,804		(249,234)		40,161		5,743
Net (loss) income attributable to DouYu	(173,092)		11,329		1,371		196		(306,810)		(29,082)		(4,159)
Add:
Share of (income) loss in equity method investments	(1,981)		1,688		3,146		450		4,001		1,928		276
Impairment losses and fair value adjustments on investments	21,401		10,124		8,100		1,158		(21,898)		67,315		9,626
Impairment losses of intangible assets	75,473		-		-		-		75,473		-		-
Adjusted net (loss) income attributable to DouYu	(78,199)		23,141		12,617		1,804		(249,234)		40,161		5,743
Adjusted net (loss) income per ordinary share  (non-GAAP)
Basic	(2.59)		0.77		0.42		0.06		(8.08)		1.33		0.19
Diluted	(2.59)		0.77		0.42		0.06		(8.08)		1.33		0.19
Adjusted net (loss) income per ADS(2) (non-GAAP)
Basic	(2.59)		0.77		0.42		0.06		(8.08)		1.33		0.19
Diluted	(2.59)		0.77		0.42		0.06		(8.08)		1.33		0.19
Weighted average number of ordinary shares used in calculating Adjusted net (loss) income per ordinary share
Basic	30,178,859		30,178,859		30,178,859		30,178,859		30,832,271		30,178,859		30,178,859
Diluted	30,178,859		30,178,859		30,178,859		30,178,859		30,832,271		30,178,859		30,178,859
Weighted average number of ADS used in calculating net (loss) income per ADS(3)
Basic	30,178,859		30,178,859		30,178,859		30,178,859		30,832,271		30,178,859		30,178,859
Diluted	30,178,859		30,178,859		30,178,859		30,178,859		30,832,271		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 RMB6.9931 to US$1.00, the noon buying rate in effect on December 31, 2025, in the H.10 statistical release of the Federal Reserve Board.
(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.

 

View original content:https://www.prnewswire.com/news-releases/douyu-international-holdings-limited-reports-fourth-quarter-and-full-year-2025-unaudited-financial-results-302724599.html

SOURCE DouYu International Holdings Limited

FAQ

What were DouYu's total revenues and gross margin for full year 2025 (DOYU)?

Full‑year 2025 total net revenues were RMB3,818.9 million with a gross margin of 12.8%. According to the company, revenue declined versus 2024 but margin improved materially due to lower content and bandwidth costs and other cost optimization measures.

How did DouYu perform in Q4 2025 on profitability and adjusted net income (DOYU)?

In Q4 2025 DouYu reported gross profit of RMB118.0 million and adjusted net income of RMB12.6 million. According to the company, lower content and bandwidth costs and reduced promotions helped return the quarter to positive adjusted net income.

Why did DouYu's revenue decline in 2025 and which business was most affected (DOYU)?

Revenue declines were primarily driven by lower livestreaming revenues, which fell 29.8% in Q4 2025. According to the company, fewer promotions and weaker consumer spending reduced paying users and ARPPU for live streaming.

What happened to DouYu's cash position as of December 31, 2025 (DOYU)?

Cash and deposits were RMB2,283.7 million as of December 31, 2025, down from RMB4,467.8 million. According to the company, the decrease was primarily due to a special cash dividend of US$300 million.

How did DouYu's user metrics change in Q4 2025 and what is management's focus (DOYU)?

Average mobile MAUs declined to 27.6 million in Q4 2025 from 30.5 million the prior quarter, while paying users remained stable. According to the company, management is prioritizing user experience, event formats and monetization to improve retention and engagement.