DouYu International (DOYU) Q2 2026 earnings summary

Executive summary

• Net revenues for Q2 2026 were RMB981.1 million (US$144.6 million), down 6.9% year-over-year but up 19.4% sequentially, reflecting narrowing declines and sequential growth in livestreaming revenues.

• Gross profit rose 12.0% year-over-year to RMB159.0 million (US$23.4 million), with gross margin improving to 16.2% from 13.5% a year ago.

• Net loss was RMB72.4 million (US$10.7 million), compared to net income of RMB37.8 million in Q2 2025; adjusted net loss (non-GAAP) was RMB13.5 million (US$2.0 million).

• User engagement improved, with average MAUs for livestreaming at 45.4 million, up 2.6% sequentially.

Financial highlights

• Livestreaming revenues fell 13.0% year-over-year to RMB503.0 million, mainly due to fewer paying users and weaker consumer spending.

• Innovative business, advertising, and other revenues grew 0.4% year-over-year to RMB478.1 million, driven by higher gaming membership revenues.

• Cost of revenues decreased 9.9% year-over-year to RMB822.0 million, with revenue-sharing fees and content costs down 14.2%.

• Sales and marketing expenses surged 102.6% year-over-year to RMB124.8 million due to major brand and content initiatives.

• General and administrative expenses dropped 18.6% year-over-year to RMB32.4 million.

Outlook and guidance

• Management expects to maintain disciplined investment, focus on cost efficiency, and further strengthen the livestreaming business and revenue diversification.