DouYu International (DOYU) Q2 2025 earnings summary

Executive summary

• Net revenues rose 2.1% year-over-year to RMB1,053.9 million (US$147.1 million) in Q2 2025, driven by growth in innovative business lines despite a challenging macro environment.

• Gross profit increased 68.5% year-over-year to RMB141.9 million, with gross margin expanding to 13.5% from 8.2% due to cost optimization.

• Net income reached RMB37.8 million, a turnaround from a net loss of RMB49.2 million in Q2 2024; adjusted net income was RMB25.3 million.

• Revenue diversification and cost efficiency strategies led to improved profitability and a more balanced revenue structure.

Financial highlights

• Livestreaming revenues fell 26.9% year-over-year to RMB577.8 million, while innovative business, advertising, and other revenues surged 96.8% to RMB476.1 million.

• Cost of revenues decreased 3.8% year-over-year to RMB912.0 million, with revenue-sharing fees and content costs down 9.5%.

• Bandwidth costs dropped 38.9% year-over-year to RMB48.6 million, reflecting efficiency improvements.

• Sales and marketing, R&D, and G&A expenses declined 20.0%, 44.9%, and 17.9% year-over-year, respectively.

• Basic and diluted net income per ADS was RMB1.25 (US$0.17); adjusted per ADS was RMB0.84 (US$0.12).

Outlook and guidance

• Management expects the livestreaming industry to remain complex and volatile in the second half of 2025 but is prepared to continue executing cost and revenue diversification strategies.

• Focus remains on enhancing user experience, optimizing cost efficiency, and sustaining platform and content ecosystem development.