DouYu (DOYU) boosts margins in Q2 2026 but slides into loss

Rhea-AI Filing Summary

DouYu International Holdings Limited (DOYU) reported unaudited results for the quarter ended June 30, 2026, showing weaker year-over-year profitability but improved margins and sequential revenue growth. Total net revenues were RMB981.1 million (US$144.6 million), down 6.9% year-over-year, though management noted a 19.4% quarter-over-quarter increase. Livestreaming revenues fell 13.0% to RMB503.0 million, while innovative business, advertising and other revenues edged up 0.4% to RMB478.1 million.

Cost control supported profitability at the gross level: gross profit rose 12.0% to RMB159.0 million, and gross margin improved to 16.2% from 13.5%, helped by a 14.2% reduction in revenue-sharing fees and content costs and lower bandwidth expenses. However, heavy branding and promotional spending drove sales and marketing expenses up 102.6% to RMB124.8 million, contributing to a swing from operating income of RMB14.2 million to an operating loss of RMB21.3 million.

Net income turned to a RMB72.4 million loss (US$10.7 million) from net income of RMB37.8 million a year earlier, partly influenced by losses in equity method investments. Adjusted net loss (non-GAAP) was RMB13.5 million, versus adjusted net income of RMB25.3 million in the prior-year quarter. Liquidity remained strong, with cash, restricted cash and bank deposits totaling RMB2,365.6 million (US$348.7 million) as of June 30, 2026, slightly higher than year-end 2025.

Positive

• Total net revenues increased 19.4% quarter-over-quarter, indicating a near-term rebound in business momentum despite year-over-year decline.
• Gross profit grew 12.0% year-over-year to RMB159.0 million, and gross margin improved to 16.2%, reflecting better revenue mix and cost efficiency.
• Cash, restricted cash and bank deposits reached RMB2,365.6 million (US$348.7 million) as of June 30, 2026, providing a solid liquidity base.

Negative

• Net result deteriorated from net income of RMB37.8 million to a net loss of RMB72.4 million in the quarter.
• Sales and marketing expenses surged 102.6% year-over-year to RMB124.8 million, driving a swing to an operating loss of RMB21.3 million.
• Adjusted net income (non-GAAP) fell from RMB25.3 million to an adjusted net loss of RMB13.5 million, signaling weaker underlying profitability.

Filing Explained

At June 30, 2026, DouYu reported RMB2,365.6 million in cash-related balances against RMB1,223,661 thousand of liabilities and RMB1,892,152 thousand of equity.

The August 20, 2026 Form 6-K reports DouYu’s unaudited six-month results through June 30, 2026; GAAP net loss was RMB44.946 million, compared with RMB41.783 million in the first six months of 2025, while six-month operating income was RMB0.874 million.

The filing defines adjusted net income as a non-GAAP measure that excludes the share of income or loss from equity-method investments and investment impairment losses and fair-value adjustments; on that basis, six-month adjusted net income was RMB17.351 million, compared with RMB4.401 million a year earlier.

As of June 30, 2026, DouYu reported cash, restricted cash and bank deposits of RMB2,365.6 million, total liabilities of RMB1,223,661 thousand and total shareholders’ equity of RMB1,892,152 thousand; at December 31, 2025, those latter two figures were RMB1,132,579 thousand and RMB1,987,372 thousand, respectively.

Key Figures

Total net revenues: RMB981.1 million Livestreaming revenues: RMB503.0 million Gross profit: RMB159.0 million +5 more

8 metrics

Total net revenues RMB981.1 million Second quarter 2026, down 6.9% from RMB1,053.9 million in Q2 2025

Livestreaming revenues RMB503.0 million Second quarter 2026, a 13.0% decrease from RMB577.8 million in Q2 2025

Gross profit RMB159.0 million Second quarter 2026, up 12.0% from RMB141.9 million in Q2 2025

Gross margin 16.2% Second quarter 2026, improved from 13.5% in the prior-year quarter

Net income (loss) RMB-72.4 million Second quarter 2026 net loss versus net income of RMB37.8 million in Q2 2025

Adjusted net income (loss) (non-GAAP) RMB-13.5 million Second quarter 2026, compared with adjusted net income of RMB25.3 million in Q2 2025

Sales and marketing expenses RMB124.8 million Second quarter 2026, a 102.6% increase from RMB61.6 million in Q2 2025

Cash, restricted cash and bank deposits RMB2,365.6 million Balance as of June 30, 2026, up from RMB2,283.7 million as of December 31, 2025

Key Terms

gross margin, adjusted net loss (non-GAAP), equity method investments, deferred revenue, +2 more

6 terms

gross margin financial

"gross margin in the second quarter of 2026 increased to 16.2%"

Gross margin is the difference between how much money a company makes from selling its products and how much it costs to produce them, expressed as a percentage of sales. It shows how efficiently a company is turning sales into profit before other expenses like marketing or salaries. Higher gross margin means the company keeps more money from each sale, which is a good sign of financial health.

adjusted net loss (non-GAAP) financial

"Adjusted net loss (non-GAAP) was RMB13.5 million in the second quarter"

equity method investments financial

"excluding share of income (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.

deferred revenue financial

"Deferred revenue | | 236,900 | | | 235,152"

Cash a company has already received for goods or services it has promised but not yet delivered; it's recorded as a liability because the company still owes that product, service, or future revenue recognition. For investors, deferred revenue signals upcoming work or deliveries that will convert into reported sales over time and affects short-term obligations, cash flow quality, and how quickly a firm can grow recognized revenue—think of it like prepaid subscriptions or gift cards a business must honor later.

right-of-use assets financial

"Right-of-use assets, net | | 7,900 | | | 17,056"

Right-of-use assets are the rights a company gains to use a physical space or equipment under a lease agreement. They are recorded as assets on the company's balance sheet, reflecting the value of future benefits from the leased item. For investors, these assets provide a clearer picture of a company's obligations and resources related to leasing arrangements, helping to assess its financial health and operational commitments.

non-GAAP financial measures financial

"The non-GAAP financial measures are presented to enhance investors' overall understanding"

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

Earnings Snapshot

Total net revenues: RMB981.1 million

quarter ended June 30, 2026

Total net revenues RMB981.1 million -6.9% year-over-year; +19.4% quarter-over-quarter

Gross profit RMB159.0 million +12.0% year-over-year

Gross margin 16.2% up from 13.5% in Q2 2025

Net income (loss) RMB-72.4 million from RMB37.8 million net income in Q2 2025

Adjusted net income (loss) (non-GAAP) RMB-13.5 million from RMB25.3 million adjusted net income in Q2 2025

FAQ

How did DouYu (DOYU) perform financially in Q2 2026?

DouYu reported Q2 2026 net revenues of RMB981.1 million, down 6.9% year-over-year, with a net loss of RMB72.4 million. Gross profit improved 12.0% to RMB159.0 million and gross margin rose to 16.2%, but higher marketing spending led to an operating loss.

What happened to DouYu (DOYU) livestreaming and advertising revenues in Q2 2026?

In Q2 2026, DouYu’s livestreaming revenues fell 13.0% to RMB503.0 million, mainly due to lower paying users. Innovative business, advertising and other revenues grew slightly by 0.4% to RMB478.1 million, supported by higher gaming membership revenues.

Did DouYu (DOYU) improve profitability margins in Q2 2026?

Yes. DouYu’s gross profit increased 12.0% year-over-year to RMB159.0 million and gross margin improved to 16.2% from 13.5%. The improvement was driven by lower revenue-sharing and content costs and reduced bandwidth expenses.

Why did DouYu (DOYU) report a net loss in Q2 2026?

DouYu recorded a Q2 2026 net loss of RMB72.4 million versus a RMB37.8 million profit a year earlier. The shift reflected higher sales and marketing expenses for major brand and content initiatives and losses in equity method investments, despite improved gross margin.

What was DouYu (DOYU) adjusted net result and EPS in Q2 2026?

DouYu reported an adjusted net loss (non-GAAP) of RMB13.5 million in Q2 2026, versus adjusted net income of RMB25.3 million a year earlier. Adjusted basic and diluted net loss per ADS were both RMB0.45 (US$0.07).

How strong is DouYu (DOYU) liquidity as of June 30, 2026?

As of June 30, 2026, DouYu held RMB2,365.6 million (US$348.7 million) in cash and cash equivalents, restricted cash, and bank deposits. This was modestly higher than RMB2,283.7 million at December 31, 2025, supporting financial flexibility.

What cost trends affected DouYu (DOYU) in Q2 2026?

Cost of revenues fell 9.9% year-over-year to RMB822.0 million, driven by a 14.2% reduction in revenue-sharing and content costs and lower bandwidth expenses. However, sales and marketing expenses doubled, rising 102.6% to RMB124.8 million due to branding and promotional spending.

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Form 6-K: How Foreign Companies Report to the SEC →

Available on EDGAR 08/20/2026 - 06:37 AM Accepted by SEC EDGAR 08/20/2026 - 06:36 AM Learn about SEC filing dates

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934

For the month of August 2026

Commission file number: 001-38967

DouYu International Holdings Limited

(Exact Name of Registrant as Specified in Its Charter)

20/F, Building A, New Development International Center,
No. 473 Guanshan Avenue,
Hongshan District, Wuhan, Hubei Province
The People's Republic of China
(Address of Principal Executive Offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. Form 20-F  x          Form 40-F  ¨

EXHIBIT INDEX

Exhibit No.		Description
99.1		Press Release

Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

			DOUYU INTERNATIONAL HOLDINGS LIMITED
Date:	August 20, 2026		By:	/s/ Simin Ren
				Name:	Simin Ren
				Title:	Chief Executive Officer, Director

Exhibit 99.1

DouYu International Holdings Limited Reports Second 

Quarter 2026 Unaudited Financial Results

WUHAN, China, August 20, 2026 /GLOBE NEWSWIRE/ -- DouYu International Holdings Limited ("DouYu" or the "Company") (Nasdaq: DOYU), a leading game-centric live streaming platform in China and a pioneer in the eSports value chain, today announced its unaudited financial results for the second quarter ended June 30, 2026.

Second Quarter 2026 Financial Highlights

· Total net revenues in the second quarter of 2026 were RMB981.1 million (US$144.6 million), compared with RMB1,053.9 million in the same period of 2025.

· Gross profit in the second quarter of 2026 was RMB159.0 million (US$23.4 million), compared with RMB141.9 million in the same period of 2025.

· Loss from operations in the second quarter of 2026 was RMB21.3 million (US$3.1 million), compared with income from operations of RMB14.2 million in the same period of 2025.

· Net loss in the second quarter of 2026 was RMB72.4 million (US$10.7 million), compared with net income of RMB37.8 million in the same period of 2025.

· Adjusted net loss (non-GAAP)¹ in the second quarter of 2026 was RMB13.5 million (US$2.0 million), compared with adjusted net income (non-GAAP) of RMB25.3 million in the same period of 2025.

Ms. Simin Ren, Chief Executive Officer of DouYu, commented, "In the second quarter, despite a challenging external environment, we made steady progress across several fronts. Livestreaming revenues returned to sequential growth, while user engagement improved, underscoring the resilience of our core livestreaming ecosystem. Our innovative business, advertising and other revenues continued to grow, reflecting sustained momentum in our revenue diversification efforts. During the quarter, we successfully hosted the DouYu Carnival, which has provided initial validation of the long-term value of our proprietary IPs in strengthening our streamer portfolio, boosting brand awareness and deepening our collaboration with game studios. Going forward, we expect to maintain a focused and disciplined approach to investment, while continuing to improve the quality, cost efficiency and monetization of our events and content offerings. Through these efforts, we aim to further strengthen our livestreaming business and support healthy and sustainable growth across our platform."

Mr. Hao Cao, Vice President of DouYu, commented, "In the second quarter, our total net revenues grew 19.4% quarter-over-quarter, and the year-over-year decline continued to narrow. Driven by the optimization of our revenue mix and improved cost efficiency, gross profit increased by 12.0% year-over-year and gross margin improved to 16.2%. At the same time, concentrated spending on major brand and content events elevated operating expenses during the quarter. Moving forward, we expect to continue to invest with discipline, supporting the development of our core content ecosystem and innovative businesses while continuously improving our operating quality and financial resilience to drive improvement in profitability."

¹“Adjusted net loss (non-GAAP)” is defined as net loss excluding share of loss (income) in equity method investments and impairment losses and fair value adjustments on investments. For more information, please refer to “Use of Non-GAAP Financial Measures” and “Reconciliations of GAAP and Non-GAAP Results” at the end of this press release.

Second Quarter 2026 Operational Highlights

· Average MAUs² of DouYu Livestreaming were 45.4 million, increasing 2.6% sequentially. The broadly stable sequential performance reflects the Company's efforts in content and event offerings during the quarter among continued headwinds in user retention and engagement.

· The number of quarterly average paying users³ for the live-streaming-related business was 2.3 million, with a quarterly ARPPU of RMB283. This represents a year-over-year decrease in paying users, primarily attributable to weaker consumer spending amid the prevailing macroeconomic environment, and fewer promotional activities resulting from adjustments to the platform's operational strategy.

· Revenues from DouYu's voice-based social networking business reached RMB272.3 million. Average MAUs for the voice-based social networking business were 314,300, with 66,200 monthly average paying users⁴. During the quarter, DouYu optimized social networking experiences and refined resource allocation for the voice-based social networking business. These efforts helped balance the business's profitability with a healthy community ecosystem, in line with the Company's expectations.

· During the second quarter, DouYu successfully executed a number of key operating initiatives, leveraging the strengths of its community, streamer ecosystem and content operations. DouYu continued to invest in proprietary IP events, including the DouYu Carnival, which brought together a broad range of game studios and industry partners and featured eSports events, streamer meet-and-greets and interactive offline experiences. The event further enhanced DouYu’s brand awareness and deepened the platform’s connections with game studios, streamers, industry partners and users. On the monetization front, DouYu’s PGC events, such as FarmUP Camp S2, attracted tens of millions of viewers and delivered solid monetization performance.

Second Quarter 2026 Financial Results

Total net revenues in the second quarter of 2026 decreased by 6.9% to RMB981.1 million (US$144.6 million), compared with RMB1,053.9 million in the same period of 2025.

Livestreaming revenues in the second quarter of 2026 decreased by 13.0% to RMB503.0 million (US$74.1 million) from RMB577.8 million in the same period of 2025, primarily attributable to a decrease in quarterly average paying users amid continued moderation in consumer spending and changes in the mix of promotional activities.

Innovative business, advertising and other revenues in the second quarter of 2026 increased by 0.4% to RMB478.1 million (US$70.5 million) from RMB476.1 million in the same period of 2025, primarily attributable to higher gaming membership revenues, partially offset by lower revenues from the Company's voice-based social networking service and advertising.

²"MAUs" refers to the number of active users (exclusive of innovative business, unless otherwise indicated) in a given period. Average MAUs for a given period is calculated by dividing (i) the sum of active users for each month of such period, by (ii) the number of months in such period.

³“Quarterly average paying users” refers to the average paying users for each quarter during a given period of time calculated by dividing (i) the sum of paying users for each quarter of such period, by (ii) the number of quarters in such period. “Paying user” refers to a registered user that has purchased virtual gifts on the DouYu platform at least once during the relevant period.

⁴“Monthly average paying users” refers to the monthly average number of paying users during a given period of time calculated by dividing (i) the sum of paying users in each month of such period, by (ii) the number of months in such period. “Paying user” refers to a registered user that has purchased virtual gifts on the DouYu platform at least once during the relevant period.

 

Cost of revenues in the second quarter of 2026 decreased by 9.9% to RMB822.0 million (US$121.2 million) from RMB912.0 million in the same period of 2025.

Revenue-sharing fees and content costs in the second quarter of 2026 decreased by 14.2% to RMB623.7 million (US$91.9 million) from RMB727.3 million in the same period of 2025, primarily driven by reduced content costs as part of the Company's cost optimization efforts and lower revenue-sharing fees resulting from decreased livestreaming revenues.

Bandwidth costs in the second quarter of 2026 decreased by 2.9% to RMB47.2 million (US$7.0 million) from RMB48.6 million in the same period of 2025, primarily attributable to improved bandwidth allocation and a year-over-year decrease in peak bandwidth usage.

Gross profit in the second quarter of 2026 increased by 12.0% to RMB159.0 million (US$23.4 million) from RMB141.9 million in the same period of 2025, primarily due to lower revenue-sharing fees and content costs, as well as reduced bandwidth costs. Gross margin in the second quarter of 2026 increased to 16.2% from 13.5% in the same period of 2025.

Sales and marketing expenses in the second quarter of 2026 increased by 102.6% to RMB124.8 million (US$18.4 million) from RMB61.6 million in the same period of 2025, primarily attributable to increased branding and promotional expenses associated with major brand and content initiatives.

General and administrative expenses in the second quarter of 2026 decreased by 18.6% to RMB32.4 million (US$4.8 million) from RMB39.8 million in the same period of 2025, primarily attributable to lower staff-related expenses.

Research and development expenses in the second quarter of 2026 decreased by 2.0% to RMB27.0 million (US$4.0 million) from RMB27.6 million in the same period of 2025, remaining broadly stable year-over-year.

Loss from operations in the second quarter of 2026 was RMB21.3 million (US$3.1 million), compared with income from operations of RMB14.2 million in the same period of 2025.

Net loss in the second quarter of 2026 was RMB72.4 million (US$10.7 million), compared with net income of RMB37.8 million in the same period of 2025.

Adjusted net loss (non-GAAP), which is calculated as net loss excluding share of income (loss) in equity method investments and impairment losses and fair value adjustments on investments, was RMB13.5 million (US$2.0 million) in the second quarter of 2026, compared with adjusted net income (non-GAAP) of RMB25.3 million in the same period of 2025.

Basic and diluted net loss per ADS⁵ in the second quarter of 2026 were both RMB2.40 (US$0.35).

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

Adjusted basic and diluted net loss per ADS (non-GAAP) in the second quarter of 2026 were both RMB0.45 (US$0.07).

Cash and cash equivalents, restricted cash and bank deposits

As of June 30, 2026, the Company had cash and cash equivalents, restricted cash, restricted cash in other non-current assets, and short-term and long-term bank deposits of RMB2,365.6 million (US$348.7 million), compared with RMB2,283.7 million as of December 31, 2025.

About DouYu International Holdings Limited

Headquartered in Wuhan, China, DouYu International Holdings Limited (Nasdaq: DOYU) is a leading game-centric live streaming platform in China and a pioneer in the eSports value chain. DouYu operates its platform on both PC and mobile apps to bring users access to immersive and interactive games and entertainment live streaming, a wide array of video and graphic content, as well as opportunities to participate in community events and discussions. By nurturing a sustainable technology-based talent development system and relentlessly producing high-quality content, DouYu consistently delivers premium content through the integration of live streaming, video, graphics, and virtual communities with a primary focus on games. This enables DouYu to continuously enhance its user experience and pursue long-term healthy development. For more information, please see http://ir.douyu.com.

Use of Non-GAAP Financial Measures

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

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

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB6.7851 to US$1.00, the noon buying rate in effect on June 30, 2026, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB amounts could have been, or could be, converted, realized, or settled in U.S. dollars, at that rate on June 30, 2026, or at any other rate.

Safe Harbor Statement

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

Investor Relations Contact

In China:

Chenyang Yan DouYu International Holdings Limited Email: ir@douyu.tv Tel: +86 (10) 6508-0677  Andrea Guo Piacente Financial Communications Email: douyu@tpg-ir.com Tel: +86 (10) 6508-0677 

In the United States:

Brandi Piacente

Piacente Financial Communications

Email: douyu@tpg-ir.com

Tel: +1-212-481-2050 

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS 

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

		As of December 31			As of June 30
		2025			2026			2026
		RMB			RMB			US$ (1)
ASSETS
Current assets:
Cash and cash equivalents		1,759,127			2,147,572			316,513
Restricted cash		35			-			-
Short-term bank deposits		502,502			156,494			23,064
Accounts receivable, net		77,584			50,415			7,430
Prepayments		15,790			37,613			5,543
Amounts due from related parties		91,601			88,807			13,089
Other current assets, net		185,264			175,812			25,911
Total current assets		2,631,903			2,656,713			391,550
Property and equipment, net		5,040			4,771			703
Intangible assets, net		33,580			22,854			3,368
Long-term bank deposits		-			40,000			5,895
Investments		383,683			316,822			46,694
Right-of-use assets, net		7,900			17,056			2,514
Other non-current assets		57,845			57,597			8,489
Total non-current assets		488,048			459,100			67,663
TOTAL ASSETS		3,119,951			3,115,813			459,213
LIABILITIES AND SHAREHOLDERS’ EQUITY
LIABILITIES
Current liabilities:
Accounts payable		554,131			639,737			94,286
Advances from customers		2,311			5,060			746
Deferred revenue		236,900			235,152			34,657
Accrued expenses and other current liabilities		218,921			243,285			35,856
Amounts due to related parties		112,307			84,494			12,453
Lease liabilities due within one year		6,703			6,673			983
Total current liabilities		1,131,273			1,214,401			178,981
Lease liabilities		1,306			9,260			1,365
Total non-current liabilities		1,306			9,260			1,365
TOTAL LIABILITIES		1,132,579			1,223,661			180,346

⁽¹⁾ Translations of certain RMB amounts into U.S. dollars at a specified rate are solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB6.7851 to US$1.00, the noon buying rate in effect on June 30, 2026, in the H.10 statistical release of the Federal Reserve Board.

 

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED) 

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

		As of December 31			As of June 30
		2025			2026			2026
		RMB			RMB			US$ (1)
SHAREHOLDERS' EQUITY
Ordinary shares		20			20			3
Additional paid-in capital		5,363,717			5,363,717			790,514
Accumulated deficit		(3,820,899	)		(3,865,845	)		(569,755	)
Accumulated other comprehensive income		444,534			394,260			58,105
Total DouYu Shareholders’ Equity		1,987,372			1,892,152			278,867
Total Shareholders’ Equity		1,987,372			1,892,152			278,867
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		3,119,951			3,115,813			459,213

⁽¹⁾ Translations of certain RMB amounts into U.S. dollars at a specified rate are solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB6.7851 to US$1.00, the noon buying rate in effect on June 30, 2026, in the H.10 statistical release of the Federal Reserve Board.

 

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) 

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

		Three Months Ended												Six Months Ended
		June 30, 2025			March 31, 2026			June 30, 2026			June 30, 2026			June 30, 2025			June 30, 2026			June 30, 2026
		RMB			RMB			RMB			US$ (1)			RMB			RMB			US$ (1)
Net revenues		1,053,915			821,817			981,071			144,592			2,000,966			1,802,888			265,713
Cost of revenues		(911,975	)		(692,444	)		(822,045	)		(121,154	)		(1,745,518	)		(1,514,489	)		(223,208	)
Gross profit		141,940			129,373			159,026			23,438			255,448			288,399			42,505
Operating income (expense)
Sales and marketing expenses		(61,585	)		(48,376	)		(124,759	)		(18,387	)		(134,514	)		(173,135	)		(25,517	)
General and administrative expenses		(39,816	)		(36,809	)		(32,417	)		(4,778	)		(75,603	)		(69,226	)		(10,203	)
Research and development expenses		(27,611	)		(27,022	)		(27,046	)		(3,986	)		(60,360	)		(54,068	)		(7,969	)
Other operating income, net		1,318			5,004			3,900			575			3,133			8,904			1,312
Total operating expenses		(127,694	)		(107,203	)		(180,322	)		(26,576	)		(267,344	)		(287,525	)		(42,377	)
Income (loss) from operations		14,246			22,170			(21,296	)		(3,138	)		(11,896	)		874			128
Other income (expenses), net		9,463			(3,476	)		(4,597	)		(678	)		(49,091	)		(8,073	)		(1,190	)
Interest income		19,200			15,107			15,406			2,271			29,341			30,513			4,497
Foreign exchange income		(17	)		(587	)		(1,125	)		(166	)		241			(1,712	)		(252	)
Income (loss) before income taxes and share of income (loss) in equity method investments		42,892			33,214			(11,612	)		(1,711	)		(31,405	)		21,602			3,183
Income tax expense		(8,151	)		(5,889	)		(6,435	)		(948	)		(13,285	)		(12,324	)		(1,816	)
Share of income (loss) in equity method investments		3,088			79			(54,303	)		(8,003	)		2,907			(54,224	)		(7,992	)
Net income (loss)		37,829			27,404			(72,350	)		(10,662	)		(41,783	)		(44,946	)		(6,625	)
Net income (loss) attributable to ordinary shareholders of the Company		37,829			27,404			(72,350	)		(10,662	)		(41,783	)		(44,946	)		(6,625	)
Net income (loss) per ordinary share
Basic		1.25			0.91			(2.40	)		(0.35	)		(1.38	)		(1.49	)		(0.22	)
Diluted		1.25			0.91			(2.40	)		(0.35	)		(1.38	)		(1.49	)		(0.22	)
Net income (loss) per ADS(2)
Basic		1.25 1.255			0.91			(2.40	)		(0.35	)		(1.38	)		(1.49	)		(0.22	)
Diluted		1.25			0.91			(2.40	)		(0.35	)		(1.38	)		(1.49	)		(0.22	)
Weighted average number of ordinary shares used in calculating net income (loss) per ordinary share
Basic		30,178,859			30,178,859			30,178,859			30,178,859			30,178,859			30,178,859			30,178,859
Diluted		30,178,859			30,178,859			30,178,859			30,178,859			30,178,859			30,178,859			30,178,859
Weighted average number of ADS used in calculating net income (loss) per ADS(2)
Basic		30,178,859			30,178,859			30,178,859			30,178,859			30,178,859			30,178,859			30,178,859
Diluted		30,178,859			30,178,859			30,178,859			30,178,859			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 RMB6.7851 to US$1.00, the noon buying rate in effect on June 30, 2026, in the H.10 statistical release of the Federal Reserve Board.

⁽²⁾ Every one ADS represents one ordinary share.

 

RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS 

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

		Three Months Ended												Six Months Ended
		June 30, 2025			March 31, 2026			June 30, 2026			June 30, 2026			June 30, 2025			June 30, 2026			June 30, 2026
		RMB			RMB			RMB			US$ (1)			RMB			RMB			US$ (1)
Income (loss) from operations		14,246			22,170			(21,296	)		(3,138	)		(11,896	)		874			128
Adjusted operating income (loss) (non-GAAP)		14,246			22,170			(21,296	)		(3,138	)		(11,896	)		874			128
Net income (loss)		37,829			27,404			(72,350	)		(10,662	)		(41,783	)		(44,946	)		(6,625	)
Add:
Share of income (loss) in equity method investments		(3,088	)		(79	)		54,303			8,003			(2,907	)		54,224			7,992
Impairment losses and fair value adjustments on investments(2)		(9,463	)		3,476			4,597			678			49,091			8,073			1,190
Adjusted net income (loss) (non-GAAP)		25,278			30,801			(13,450	)		(1,981	)		4,401			17,351			2,557
Net income (loss) attributable to DouYu		37,829			27,404			(72,350	)		(10,662	)		(41,783	)		(44,946	)		(6,625	)
Add:
Share of income (loss) in equity method investments		(3,088	)		(79	)		54,303			8,003			(2,907	)		54,224			7,992
Impairment losses and fair value adjustments on investments		(9,463	)		3,476			4,597			678			49,091			8,073			1,190
Adjusted net income (loss) attributable to DouYu		25,278			30,801			(13,450	)		(1,981	)		4,401			17,351			2,557
Adjusted net income (loss) per ordinary share (non-GAAP)
Basic		0.84			1.02			(0.45	)		(0.07	)		0.15			0.57			0.08
Diluted		0.84			1.02			(0.45	)		(0.07	)		0.15			0.57			0.08
Adjusted net income (loss) per ADS(3) (non-GAAP)
Basic		0.84 0.84			1.02			(0.45	)		(0.07	)		0.15			0.57			0.08
Diluted		0.84 0.84			1.02			(0.45	)		(0.07	)		0.15			0.57			0.08
Weighted average number of ordinary shares used in calculating Adjusted net income (loss) per ordinary share
Basic		30,178,859			30,178,859			30,178,859			30,178,859			30,178,859			30,178,859			30,178,859
Diluted		30,178,859			30,178,859			30,178,859			30,178,859			30,178,859			30,178,859			30,178,859
Weighted average number of ADS used in calculating net income (loss) per ADS(3)
Basic		30,178,859			30,178,859			30,178,859			30,178,859			30,178,859			30,178,859			30,178,859
Diluted		30,178,859			30,178,859			30,178,859			30,178,859			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 RMB6.7851 to US$1.00, the noon buying rate in effect on June 30, 2026, in the H.10 statistical release of the Federal Reserve Board.

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

⁽³⁾ Every one ADS represents one ordinary share.

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