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DOYU

DouYu International Holdings Limited

DOYU

DouYu International Holdings Limited • NASDAQ
$7.13 ▼ -0.14% (-0.01)
Market Cap $2.15 B
52w High $16.99
52w Low $5.68
Dividend Yield 2.73%
P/E -7.59
Volume 21.20K
Outstanding Shares 301.79M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $899.111M ▼ $104.159M ▼ $11.329M ▼ 1.26% ▼ $0.038 ▼ $11.93M ▼
Q2-2025 $1.054B ▲ $127.694M ▼ $37.829M ▲ 3.589% ▲ $0.13 ▲ $14.246M ▲
Q1-2025 $947.051M ▼ $139.65M ▼ $-79.612M ▲ -8.406% ▲ $-0.26 ▲ $-26.142M ▲
Q4-2024 $1.136B ▲ $262.691M ▲ $-163.725M ▼ -14.412% ▼ $-0.54 ▼ $-159.324M ▼
Q3-2024 $1.063B $155.001M $3.404M 0.32% $0.011 $-94.182M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $2.099B ▼ $3.106B ▼ $1.102B ▼ $0 ▼
Q2-2025 $2.12B ▲ $3.21B ▲ $1.205B ▼ $2.005B ▲
Q1-2025 $1.932B ▼ $3.202B ▼ $1.23B ▼ $1.972B ▼
Q4-2024 $4.088B ▲ $5.446B ▼ $1.236B ▲ $4.219B ▼
Q3-2024 $3.957B $5.506B $1.22B $4.286B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $37.829M ▲ $0 $0 $0 $0 $0
Q1-2025 $-79.612M ▲ $0 $0 $0 $0 $0
Q4-2024 $-163.725M ▼ $0 $0 $0 $0 $0
Q3-2024 $3.404M ▲ $0 $0 $0 $0 $0
Q2-2024 $-49.169M $0 $0 $0 $0 $0

Five-Year Company Overview

Income Statement

Income Statement DouYu’s income statement shows a business under pressure. Revenue has trended down meaningfully from its peak a few years ago, reflecting both a tougher competitive backdrop and likely changes in user spending and regulation. Profitability has been very volatile: the company moved from clear profits to several years of operating losses, with only a brief return to near break-even before slipping back into deeper losses most recently. This suggests that the core live‑streaming model is struggling to support the current cost base, and that management’s push on cost control and business mix is still a work in progress rather than a completed turnaround.

Balance Sheet

Balance Sheet The balance sheet remains a relative bright spot. DouYu still holds significantly more cash than debt, with borrowings very small compared with its equity. This gives the company a financial cushion to absorb ongoing volatility and to keep investing in its platform. However, both total assets and cash have been drifting down as losses and negative cash flow accumulate, so the balance sheet is slowly being drawn down rather than replenished. The company is not in a leveraged or distressed position, but the trend highlights the importance of restoring sustainable profitability over time.

Cash Flow

Cash Flow Cash flow tells the same story as earnings, but in a starker way. Operating activities have been consuming cash for several years in a row, and free cash flow has been consistently negative. Capital spending itself is modest, which means the cash drain is mainly coming from the underlying business rather than from heavy investment in physical assets. Unless the company can improve monetization, reduce structural costs, or grow newer, higher‑margin services, this pattern of cash burn will gradually erode the financial cushion shown on the balance sheet.

Competitive Edge

Competitive Edge Competitively, DouYu is still a key name in China’s game‑focused live streaming and eSports scene. It benefits from strong brand recognition among gamers, deep relationships with eSports teams and tournament organizers, and a large base of viewers and streamers that reinforce each other. Its talent development system and exclusive content help keep the platform vibrant. That said, the broader market is intensely competitive, with several powerful rivals and short user attention spans. On top of this, the company operates under a strict Chinese regulatory environment for gaming and live streaming, which can limit growth levers and introduce sudden rule changes. These factors help explain why maintaining revenue and profitability has become more difficult despite the still‑solid franchise.

Innovation and R&D

Innovation and R&D On the innovation side, DouYu appears quite active. It has built its own streaming technology and recommendation systems, leans heavily on big data to understand user behavior, and is beginning to embed more artificial intelligence, such as AI‑generated real‑time comments to keep streams engaging. The company also produces its own tournaments and shows and has pushed into new services like voice‑based social rooms and game membership products. These efforts aim to deepen user engagement, diversify revenue away from simple virtual gifting, and differentiate the platform from rivals. The strategy is promising on paper, but its ultimate value will depend on execution quality, user adoption, and the company’s ability to scale these newer services without overspending.

Summary

Overall, DouYu looks like a strong consumer franchise facing a tough financial and regulatory reality. The company still has meaningful strengths: a recognized brand in eSports, a sticky community of gamers and streamers, proprietary technology, and a reasonably strong, low‑debt balance sheet. Against that, it is dealing with shrinking revenue, thin and unstable profitability, and several years of negative cash flow that slowly chip away at its cash reserves. The key questions going forward are whether management can stabilize the core live‑streaming business, grow newer value‑added services into meaningful contributors, and keep costs aligned with a more mature and regulated market. How DouYu balances innovation with financial discipline will largely determine its longer‑term trajectory.

NEWS

November 20, 2025 · 4:00 AM UTC

DouYu International Holdings Limited Reports Third Quarter 2025 Unaudited Financial Results

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