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DouYu International Holdings Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary20 Nov, 2025
Executive summary
Net revenues for Q3 2025 were RMB899.1 million, down from RMB1,063.1 million year-over-year, reflecting a challenging market and strategic content adjustments.
Gross profit rose 90.9% year-over-year to RMB116.1 million, with gross margin improving to 12.9% from 5.7% due to cost optimization.
Net income increased 232.8% year-over-year to RMB11.3 million, and adjusted net income (non-GAAP) was RMB23.1 million, reversing a loss in the prior year.
Operational focus included value chain integration, AI-powered features, and premium content upgrades to enhance user engagement and profitability.
Financial highlights
Livestreaming revenues fell 30.6% year-over-year to RMB522.1 million, mainly due to fewer paying users and lower ARPPU.
Innovative business, advertising, and other revenues grew 21.2% year-over-year to RMB377.0 million, driven by the voice-based social networking segment.
Cost of revenues decreased 21.9% year-over-year to RMB783.0 million, with content and bandwidth costs down significantly.
Sales and marketing, R&D, and G&A expenses all declined year-over-year, reflecting ongoing cost control.
Cash and equivalents, restricted cash, and bank deposits totaled RMB2,221.6 million as of September 30, 2025, down from RMB4,467.8 million at year-end 2024, mainly due to a US$300 million special dividend.
Outlook and guidance
Management expects continued market challenges and will focus on optimizing resource allocation, operational efficiency, and financial resilience.
Detail cost optimization impact on gross margin
Assess user shift to innovative business
Impact of special dividend on future investments
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Next DouYu International Holdings earnings date
Q4 202513 Mar, 2026
Next DouYu International Holdings earnings date
Q4 202513 Mar, 2026
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Frequently asked questions
DouYu International Holdings Limited is a leading game-centric live streaming platform in China. The company primarily offers interactive and immersive live streaming services focused on gaming and e-sports. Users can watch live streaming of popular games, interact with streamers, and participate in e-sports events. The company is headquartered in Wuhan, China, and its shares are listed on the NASDAQ.
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