Core Viewpoint - Douyu's Q3 2025 financial report shows steady growth with significant improvements in profitability, driven by strategic upgrades and enhanced operational efficiency in the gaming industry [1][5]. Financial Performance - Q3 revenue reached 899 million yuan, with a gross profit of 116 million yuan, representing a year-on-year increase of 90.9% and a gross margin of 12.9% [1]. - Net profit was 11.33 million yuan, up 232.8% year-on-year, while adjusted net profit turned positive at 23.14 million yuan [1]. Business Strategy - Douyu's strategy focuses on enhancing the value chain and exploring commercialization opportunities, leading to improved profitability across various metrics [1][4]. - The company has deepened its involvement in the gaming industry, transitioning from a live streaming platform to a "full-chain partner" in gaming growth [4]. Revenue Streams - Innovative business, advertising, and other revenues totaled 377 million yuan, marking a 21.2% year-on-year growth, primarily driven by the increase in voice social service revenue [2]. - The average monthly active users for voice social services reached 368,600, with 71,700 monthly paying users [2]. Content and User Engagement - Douyu has expanded its content offerings, broadcasting over 60 official esports events and launching more than 30 self-produced events in Q3 [6][13]. - The platform has optimized resource allocation for different game types, enhancing user engagement and operational efficiency [3][15]. Industry Positioning - In a competitive landscape, Douyu has repositioned itself to achieve differentiated competition, leveraging its content advantages to enhance user experience [5][20]. - The company is actively collaborating with game developers to create promotional events and enhance user interaction, thereby strengthening its market position [4][15].

11月20日，斗鱼公布了2025年第三季度财报。 更值得关注的是，净利润为1133万元，同比提升232.8%，调整后净利润为2314万元，同比实现扭亏为 盈。这一系列向好的盈利指标，不仅印证了斗鱼盈利能力的显著增强，更揭示了其通过内容深耕与产业 链延伸构建的可持续发展模式。 一、收入结构优化与运营效率提升双重驱动，盈利能力持续改善 斗鱼本季度利润指标的跨越式增长，并非单一因素作用的结果，而是收入结构优化与运营效率提升共同 作用的必然产物。 在游戏直播行业传统收入模式面临转型压力的背景下，斗鱼通过战略调整实现了盈利质量的根本性改 善，打破了行业对单一收入依赖的固有认知。 其中，多元收入矩阵的韧性释放，是利润增长的重要支撑。 财报显示，公司创新业务、广告及其他收入同比增长21.2%，达到3.77亿元，在总收入中的占比进一步 提升。其中，语音业务表现尤为突出，实现2.76亿元收入的同时，保持了36.86万的季度平均月活用户和 7.17万的月均付费用户规模。 这一成绩的取得，源于斗鱼对创新业务资源配置效率的持续优化，在维护社区生态活跃度的基础上，精 准挖掘了用户的付费潜力，使创新业务成为斗鱼的第二增长曲线。这种收入结 ...

11月20日，斗鱼发布2025年第三季度未经审计财务报告。第三季度总收入8.99亿元，毛利润达1.16亿 元，同比增长90.9%，毛利率为12.9%，净利润为1133万元，同比提升232.8%，调整后净利润为2314万 元，同比扭亏为盈。Q3移动端平均MAU为3050万，季度付费用户为270万。 围绕竞技性、观赏性较强的新游，斗鱼着重构建官方赛事+平台赛事的内容矩阵。围绕已形成规模效应 的头部产品，斗鱼基于产品自身重要节点，结合运营活动策划与主播影响力，集中资源挖掘商业化潜 能。王者荣耀主播联赛S2集结全网头部主播组队，赛事期间斗鱼站内观赛PV累计超9000万，斗鱼主播 超前购带货活动实现游戏皮肤百万级售卖。 斗鱼联席CEO任思敏表示："第三季度，根据市场竞争态势和用户需求升级了公司战略，提升产业价值 链运营的重要性。进一步升级公司的运营策略和组织结构，提升组织的敏捷和响应能力，以便更高效地 服务用户需求、抓住商业机会。与此同时，公司的盈利能力继续提高，第三季度的毛利润、经营利润和 净利润等指标同比都实现改善。" 斗鱼财务副总裁曹昊表示，在巩固内容供给的同时，运营效率继续改善。未来，市场环境仍有挑战性， 公司 ...

11月20日，斗鱼发布2025年第三季度财报，总营收为8.99亿元，较上年同期10.63亿元下降15%；净利润 为1133万元，同比增长233%。 中国经济网北京11月21日讯斗鱼(NASDAQ:DOYU)11月20日美股收跌5.01%，报6.63美元。 ...

围绕已形成规模效应的头部产品，斗鱼基于产品自身重要节点，结合运营活动策划与主播影响力，集中 资源挖掘商业化潜能。王者荣耀主播联赛S2集结全网头部主播组队，赛事期间斗鱼站内观赛PV累计超 9000万，斗鱼主播超前购带货活动实现游戏皮肤百万级售卖。 此外，斗鱼还针对《使命召唤：黑色活动7》《燕云十六声》等多款产品的上线及版本更新推出了一系 列直播运营活动，为产品推广和市场拓展提供了有力支撑，充分发挥了斗鱼作为游戏厂商重要营销阵地 的关键功能。未来，斗鱼将继续挖掘游戏产业链上下游的商业机会，推动公司长期可持续发展。 与此同时，公司创新业务、广告及其他收入继续展现收入韧性，收入同比增长21.2%至3.77亿元。其 中，语音业务收入2.76亿元，季度平均月度活跃用户为36.86万，月平均付费用户为7.17万。斗鱼重点优 化了创新业务的资源配置效率，在维护社区生态的同时提高了产品盈利能力，有效推动增长引擎持续发 力，实现了本季度盈利企稳的预期目标。 在用户体验上，斗鱼通过AI赋能升级产品端功能，全新上线直播AI弹幕助手，深度学习斗鱼弹幕社区 特有的语言风格，并对直播间画面与弹幕内容进行实时解析，智能生成情景强关联的趣味弹 ...

财报显示，第三季度，斗鱼延续"以游戏为核心的多元化内容生态平台"战略，着重提升平台重点游戏品 类的运营效率，深入挖掘以直播为载体的内容形式的多元商业价值，公司盈利指标成功实现阶段性突 破。该季度，斗鱼毛利润同比增长90.9%至1.16亿元，净利润同比增长232.8%至1133万元，调整后净利 润为2314万元，同比扭亏，利润端整体呈现业绩向好态势。与此同时，公司创新业务、广告及其他收入 继续展现收入韧性，收入同比增长21.2%至3.77亿元。其中，语音业务收入2.76亿元，季度平均月度活 跃用户为36.86万，月平均付费用户为7.17万。此外，与游戏厂商的合作形式也更为多样化，先后推出 KPL斗鱼主题周、斗鱼和平小店等活动。在用户体验上，则通过AI赋能升级产品端功能，全新上线直播 AI弹幕助手。 来源：滚动播报 （来源：文旅中国） 11月20日，游戏直播平台斗鱼国际控股有限公司发布2025年第三季度未经审计财务报告。财报显示，斗 鱼第三季度总收入8.99亿元，整体盈利能力持续向好，毛利润达1.16亿元，同比增长90.9%，毛利率为 12.9%，净利润为1133万元，同比提升232.8%，调整后净利润为2314 ...

Financial Performance - Total net revenues for Q3 2025 were RMB899.1 million (US$126.3 million), a decrease of 15.4% from RMB1,063.1 million in Q3 2024[4] - Gross profit increased by 90.9% year-over-year to RMB116.1 million (US$16.3 million), with a gross margin of 12.9%, up from 5.7% in the same period last year[15] - Income from operations reached RMB11.9 million (US$1.7 million), compared to a loss of RMB94.2 million in Q3 2024[17] - Net income grew 232.8% year-over-year to RMB11.3 million (US$1.6 million), up from RMB3.4 million in Q3 2024[18] - Adjusted net income (non-GAAP) was RMB23.1 million (US$3.3 million), compared to an adjusted net loss of RMB39.8 million in the same period last year[19] User Engagement - Average mobile MAUs decreased by 27.5% year-over-year to 30.5 million, down from 42.1 million in Q3 2024[13] - Livestreaming revenues fell by 30.6% to RMB522.1 million (US$73.3 million) due to a decline in paying users and average revenue per paying user[7] - Innovative business revenues increased by 21.2% to RMB377.0 million (US$53.0 million), driven by growth in the voice-based social networking service[8] Cash and Assets - Cash and cash equivalents as of September 30, 2025, were RMB2,221.6 million (US$312.1 million), down from RMB4,467.8 million as of December 31, 2024[21] - As of December 31, 2024, total assets amounted to RMB 5,446,333, an increase from RMB 3,106,417 as of September 30, 2025, representing a growth of approximately 75.4%[29] - Cash and cash equivalents stood at RMB 1,017,148 as of December 31, 2024, compared to RMB 1,551,938 as of September 30, 2025, showing a decrease of 34.4%[29] Expenses and Liabilities - Research and development expenses decreased by 37.8% to RMB26.9 million (US$3.8 million) from RMB43.2 million in Q3 2024, reflecting cost optimization efforts[16] - Total current liabilities increased to RMB 1,232,021 as of December 31, 2024, up from RMB 1,100,491 as of September 30, 2025, indicating a rise of approximately 11.9%[29] Shareholder Equity and Deficits - The company’s accumulated deficit as of December 31, 2024, was RMB (3,791,817), slightly improved from RMB (3,822,271) as of September 30, 2025[31] - Total shareholders' equity increased to RMB 4,210,089 as of December 31, 2024, from RMB 2,003,972 as of September 30, 2025, marking a growth of approximately 109.5%[31] Interest and Impairment - The company reported interest income of RMB 19,200 for the three months ended September 30, 2025, down from RMB 60,840 in the previous quarter, a decline of 68.3%[33] - The total impairment losses and fair value adjustments on investments for the nine months ended September 30, 2025, amounted to RMB 59,215 thousand, a significant increase from RMB 43,299 thousand in the same period of 2024[35] Adjusted Income and Losses - The company reported a significant increase in adjusted net loss income per ADS (non-GAAP) for the three months ended September 30, 2025, at RMB 0.77 (approximately US$ 0.11), compared to RMB 0.84 in the previous quarter[35] - The company experienced a net loss attributable to DouYu of RMB 30,454 thousand for the nine months ended September 30, 2025, compared to a net loss of RMB 133,718 thousand in the same period of 2024[35] - The company’s adjusted net loss income attributable to DouYu for the three months ended September 30, 2025, was RMB 23,141 thousand, reflecting a decrease from RMB 25,278 thousand in the previous quarter[35]

DouYu International Holdings Limited (DOYU) reported third quarter net income of RMB 11.3 million, an increase of 232.8% from RMB 3.4 million in the same period of 2024. Net income per ADS was RMB 0.38 compared to RMB 0.11. Adjusted net income was RMB 23.1 million, compared with an adjusted net loss of RMB 39.8 million. Adjusted net income per ADS was RMB 0.77 compared to a loss of RMB 1.32.Total net revenues in the third quarter were RMB 899.1 million, compared with RMB 1.06 billion in the same period of ...

经济观察网11月20日，斗鱼发布2025年第三季度未经审计财务报告。财报显示，斗鱼第三季度总收入 8.99亿元，整体盈利能力持续向好，毛利润达1.16亿元，同比增长90.9%，毛利率为12.9%，净利润为 1133万元，同比提升232.8%，调整后净利润为2314万元，同比扭亏为盈。Q3移动端平均MAU为3050 万，季度付费用户为270万。 ...

斗鱼联席CEO任思敏表示："2025年第三季度，我们根据市场竞争态势和用户需求升级了公司战略，提 升产业价值链运营的重要性。我们进一步升级公司的运营策略和组织结构，提升组织的敏捷和响应能 力，以便更高效地服务用户需求、抓住商业机会。与此同时，公司的盈利能力继续提高，第三季度的毛 利润、经营利润和净利润等指标同比都实现了改善。" 责任编辑：何俊熹 新浪科技讯 11月20日晚间消息，斗鱼发布2025年第三季度未经审计财务报告。财报显示，斗鱼第三季 度总收入8.99亿元。斗鱼整体盈利能力持续向好，第三季度毛利润达1.16亿元，同比增长90.9%，毛利 率为12.9%，净利润为1133万元，同比提升232.8%，调整后净利润为2314万元，同比扭亏为盈。第三季 度移动端平均MAU为3050万，季度付费用户为270万。 第三季度，斗鱼继续深耕游戏电竞直播内容，共转播EWC电竞世界杯、2025年KPL年度总决赛、2025 年LPL总决赛、2025年DOTA2国际邀请赛等官方电竞赛事共计60余场，推出和平精英黄金大奖赛、三角 洲行动英雄赏金赛、无畏契约鱼鱼杯、斗鱼DOTA2宝可梦S5等平台自制赛事30余场。 ...