DouYu International (DOYU) Q4 2025 earnings summary

Executive summary

• Achieved significant improvement in business performance in 2025, with a return to profitability in Q4 and for the full year, despite a challenging macroeconomic environment.

• Focused on revenue diversification, cost efficiency, and enhancing user experience, including a refreshed brand and successful in-person events.

Financial highlights

• Q4 2025 net revenues were RMB918.8 million, down 19.1% year-over-year; full year 2025 net revenues were RMB3,818.9 million, down from RMB4,270.8 million in 2024.

• Q4 2025 gross profit rose 69.1% year-over-year to RMB118.0 million; gross margin improved to 12.8% from 6.1%.

• Q4 2025 net income was RMB1.4 million, compared to a net loss of RMB173.1 million in Q4 2024; full year 2025 net loss narrowed to RMB29.1 million from RMB306.8 million in 2024.

• Adjusted net income (non-GAAP) for Q4 2025 was RMB12.6 million, versus an adjusted net loss of RMB78.2 million in Q4 2024; full year adjusted net income was RMB40.2 million, compared to an adjusted net loss of RMB249.2 million in 2024.

• Basic and diluted net income per ADS for Q4 2025 were RMB0.05; adjusted basic and diluted net income per ADS were RMB0.42.

Outlook and guidance

• Plans to continue focusing on user passion, content quality, and innovation to drive long-term value.

• Will further enhance event and content offerings, and explore new monetization models.