UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 EXHIBIT INDEX | Exhibit No. | Description | | --- | --- | | 99.1 | Press Release | FORM 6-K REPORT OF FOREIGN ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 OF THE SECURITIES EXCHANGE ACT OF 1934 For the month of April 2025 Commission file number: 001-38967 DouYu International Holdings Limited (Exact Name of Registrant as Specified in Its Charter) 20/F, Building A, New Development International Center, No. 473 Guanshan Avenue, Hongshan Distri ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION For the fiscal year ended December 31, 2024. OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 WASHINGTON, D.C. 20549 OR FORM 20-F ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITI ...

Group 1 - Douyu has been subjected to a compulsory execution amounting to approximately 3.5062 million RMB [1] - The execution court is the Donghu District People's Court of Nanchang City, Jiangxi Province [1] - Douyu was established in May 2015 with a registered capital of approximately 22.3416 million RMB [1] Group 2 - The company holds multiple software copyrights, including Douyu Live Windows system PC client software and Douyu PC client [1]

Market Capitalization Overview - The market capitalizations of various companies are listed, with TAL Education Group at 11.882 billion, Vipshop at 8.481 billion, and others showing significant values [2]. - Notable increases in market value include SouFun Technology with a rise of 9.49% and 6.96% for Lufax Holding [2]. Company Performance - TAL Education Group shows a slight decrease of 0.25% in its stock price, while Vipshop and SouFun Technology have increased by 6.38% and 7.51% respectively [2]. - Other companies like JD.com and iQIYI also show positive stock performance, with increases of 7.38% and 9.29% respectively [2]. Sector Analysis - The data indicates a mixed performance across the sector, with some companies experiencing growth while others face declines [2][3]. - Companies such as Huami and Mogujie show varied performance, with Huami experiencing a slight increase of 3.14% while Mogujie saw a decrease of 5.30% [3]. Investment Insights - The overall market sentiment appears to favor companies with strong growth metrics, as evidenced by the significant percentage increases in market value for several firms [2][3]. - The data suggests potential investment opportunities in companies that are showing consistent growth in their market capitalizations and stock prices [2].

Market Capitalization Summary - The market capitalization of various companies is highlighted, with notable figures such as 71.94 billion for an unnamed company and 69.52 billion for another [2]. - Companies like Bilibili and TAL Education have market capitalizations of 64.03 billion and 61.59 billion respectively [2]. - The lowest market capitalizations listed include 0.90672 million for Happy Car and 0.17235 million for Easy Electric [3]. Stock Performance - Stock performance shows fluctuations, with companies like Zai Lab experiencing a decrease of 0.36 (-2.72%) and 0.13 (-3.87%) for another unnamed company [2]. - Positive movements are noted for companies such as 51Talk, which increased by 0.99 (+2.74%) [2]. - The performance of companies like Huya and Xunlei shows declines of 0.11 (-4.00%) and 0.10 (-3.11%) respectively [3]. Company Highlights - Notable companies include JD.com with a market cap of 71.94 billion and TAL Education at 61.59 billion, indicating strong positions in the market [2]. - Other companies like 9F Inc. and Yatsen Global have market caps of 4.98 billion and 3.28 billion respectively, showcasing a diverse range of market sizes [2]. - The report also mentions companies with smaller market caps, such as 1.34 million for Baozun and 1.07 million for Leopard Mobile, indicating a broad spectrum of company valuations [3].

Financial Data and Key Metrics Changes - Total net revenues decreased by 12.3% year-over-year in Q4 2024 to RMB 1.14 billion from RMB 1.3 billion in Q4 2023, primarily driven by a 28.4% decline in livestreaming revenues to RMB 0.73 billion [35] - Gross profit in Q4 2024 was RMB 69.8 million compared to RMB 126.2 million in Q4 2023, with a gross margin of 6.1% down from 9.7% [40][41] - Net loss for Q4 2024 was RMB 163.7 million compared to RMB 62.2 million in Q4 2023, with adjusted net loss at RMB 144.3 million compared to RMB 68.8 million [43] Business Line Data and Key Metrics Changes - Revenues from innovative business, advertising, and others increased by 63.6% year-over-year to RMB 1.2 billion for the full year of 2024, contributing 28% to total revenue [33][49] - The total number of paying users in Q4 was 3.3 million, with a quarterly ARPPU of RMB 246, reflecting an 11.5% year-over-year decline [16][36] Market Data and Key Metrics Changes - Mobile MAUs were 44.5 million, increasing 5.9% quarter-over-quarter but decreasing 13.9% year-over-year, attributed to evolving gaming video content dynamics [11] - The innovative business's contribution to total revenue reached 35.7% in Q4 2024, marking a significant milestone in revenue diversification [37] Company Strategy and Development Direction - The company plans to focus on cost reduction, efficiency improvement, and narrowing losses in 2025, emphasizing revenue resilience and monetization opportunities within its niche game ecosystem [22][23] - The strategy includes optimizing the cost structure, particularly content costs, and enhancing AI capabilities to drive efficiency [28][29] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the dual challenges of a soft macroeconomic landscape and intensified market competition, emphasizing the need for flexible operational strategies [7] - The company expects revenue from innovative business to remain on a healthy growth trajectory, contributing approximately 35% of total revenue in 2025 [55] Other Important Information - The company declared two special cash dividends totaling USD 600 million, reflecting its commitment to rewarding shareholders [10] - Cash and cash equivalents as of December 31, 2024, were RMB 4.47 billion, down from RMB 6.86 billion due to dividend distributions [44] Q&A Session Summary Question: What are the growth drivers for the new business entering 2025? - Management highlighted the voice-based social networking business and game membership program as key drivers, expecting to allocate more resources to these areas for revenue growth [50][55] Question: What is the plan for future cash usage? - The company maintains sufficient cash reserves to manage business fluctuations and support development initiatives, aiming to reduce net losses [56] Question: How should the long-term development strategy be interpreted? - The strategy involves reallocating resources from inefficient initiatives to high-value segments, focusing on improving margins and operational profitability [60][63] Question: What is the user and financial impact of tournament procurement and streamer strategic adjustments? - Management indicated a flexible approach to acquiring copyright content, prioritizing cost-effective tournaments and optimizing streamer resources to improve efficiency [68][74]

Financial Data and Key Metrics Changes - Total net revenues decreased by 12.3% year-over-year in Q4 2024 to RMB 1.14 billion from RMB 1.3 billion in Q4 2023, primarily driven by a 28.4% decline in livestreaming revenues to RMB 0.73 billion [35] - Gross profit in Q4 2024 was RMB 69.8 million compared to RMB 126.2 million in the same period of 2023, with a gross margin of 6.1% compared to 9.7% in Q4 2023 [40][41] - Net loss for Q4 2024 was RMB 163.7 million compared to RMB 62.2 million in Q4 2023, with adjusted net loss of RMB 144.3 million compared to RMB 68.8 million in the same period last year [43][44] Business Line Data and Key Metrics Changes - Revenues from innovative business, advertising, and others increased by 63.6% year-over-year to RMB 1.2 billion for the full year of 2024, contributing 28% of total revenue [33][49] - The total number of paying users in Q4 was 3.3 million, with a quarterly ARPPU of RMB 246, reflecting an 11.5% year-over-year decline [16][36] - Innovative business revenues increased by 47.2% in Q4 to RMB 405.1 million, marking a significant milestone in revenue diversification [37] Market Data and Key Metrics Changes - Mobile MAUs were 44.5 million, increasing 5.9% quarter-over-quarter but decreasing 13.9% year-over-year, largely due to evolving gaming video content dynamics [11] - The contribution of innovative business to total revenue reached 35.7% in Q4, indicating a shift towards diversified revenue streams [37] Company Strategy and Development Direction - The company aims to focus on cost reduction, efficiency improvement, and narrowing losses in 2025, emphasizing revenue resilience and monetization opportunities within its niche game ecosystem [22][23] - Plans include enhancing AI capabilities, optimizing cost structures, and exploring cross-platform content cooperation to improve operational efficiency [28][26] - The company is committed to fostering a vibrant game-centric content ecosystem while prioritizing shareholder interests through dividend distributions and share buybacks [62][64] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by a soft macroeconomic landscape and intensified market competition, emphasizing the need for flexible operational strategies [7] - The focus for 2025 will be on improving margins, achieving financial resilience, and navigating market conditions through solid execution of strategies [45][32] - Management expressed confidence in the company's ability to narrow losses and secure financial stability despite potential short-term declines in user base and revenue [30][31] Other Important Information - The company declared two special cash dividends totaling USD 600 million, reflecting its commitment to rewarding shareholders while maintaining a healthy cash position [10][44] - Cash and cash equivalents as of December 31, 2024, were RMB 4.47 billion, down from RMB 6.86 billion a year earlier, primarily due to dividend distributions [44] Q&A Session Summary Question: What are the expectations for the audio business and game props business in 2025? - Management highlighted that revenue from innovative business increased by 36.6% year-over-year and plans to allocate more resources to further propel revenue growth in 2025 [49][50] - The voice-based social networking business will focus on refined traffic distribution, AI integration, and product innovation to enhance user experience and revenue [52][53] Question: What is the plan for future cash usage? - Management stated that after the dividend distribution, the company maintains sufficient cash reserves to manage business fluctuations and support development initiatives [56] Question: How should the long-term development strategy be interpreted? - Management emphasized reallocating resources from inefficient initiatives to high-value segments, aiming for stable healthy growth while prioritizing shareholder interests [60][62] Question: What is the user and financial impact of tournament procurement and streamer strategic adjustments? - Management indicated a flexible approach to acquiring copyright content, focusing on cost-effective tournaments and optimizing streamer resources to improve operational efficiency [68][74]

Core Insights - DouYu International Holdings Limited reported its unaudited financial results for Q4 and the full year of 2024, highlighting a stable business position despite macroeconomic challenges [1][3]. Financial Performance - Total net revenues for Q4 2024 decreased by 12.3% to RMB1,136.0 million (US$155.6 million) compared to RMB1,296.0 million in Q4 2023 [4][15]. - Livestreaming revenues in Q4 2024 fell by 28.4% to RMB730.9 million (US$100.1 million) from RMB1,020.8 million in the same period of 2023, attributed to a decline in both paying users and average revenue per paying user [5][15]. - Innovative business, advertising, and other revenues increased by 47.2% to RMB405.1 million (US$55.5 million) in Q4 2024, driven by higher revenues from voice-based social networking and game membership services [6][15]. - For the full year 2024, total net revenues were RMB4,270.8 million (US$585.1 million), down from RMB5,530.4 million in 2023 [18][15]. Profitability Metrics - Gross profit for Q4 2024 was RMB69.8 million (US$9.6 million), down from RMB126.2 million in Q4 2023, with a gross margin of 6.1% compared to 9.7% in the same period of 2023 [10][15]. - The net loss for Q4 2024 was RMB163.7 million (US$22.4 million), compared to a net loss of RMB62.2 million in Q4 2023 [14][15]. - For the full year 2024, the net loss was RMB297.4 million (US$40.8 million), a significant decline from a net income of RMB35.5 million in 2023 [20][15]. User Engagement - Average mobile monthly active users (MAUs) in Q4 2024 were 44.5 million, down from 51.7 million in Q4 2023 [15]. - The number of quarterly average paying users in Q4 2024 was 3.3 million, compared to 3.7 million in the same period of 2023 [15]. Strategic Initiatives - The company plans to focus on revenue diversification and cost-efficiency initiatives in 2025, including optimizing the cost structure of traditional businesses and leveraging AI for operational efficiency [3][3]. - DouYu declared a special cash dividend of US$300 million in January 2025, reinforcing its commitment to financial stability and shareholder returns [3][3]. Cash Position - As of December 31, 2024, the company had cash and cash equivalents of RMB4,467.8 million (US$612.1 million), down from RMB6,855.5 million as of December 31, 2023, primarily due to the special cash dividend distribution [22][15].

Core Viewpoint - DouYu International Holdings Limited plans to release its unaudited financial results for Q4 and the full year of 2024 on March 14, 2025, before the U.S. market opens [1] Group 1: Financial Results Announcement - The earnings release will be available on the Company's investor relations website [1] - A conference call will be held on March 14, 2025, at 7:00 a.m. Eastern Time to discuss the financial results [2] - The call can be accessed through various international and toll-free numbers, with a replay available until March 21, 2025 [2] Group 2: Company Overview - DouYu is a leading game-centric live streaming platform in China and a pioneer in the eSports value chain [3] - The platform operates on both PC and mobile apps, providing users with access to immersive gaming and entertainment livestreaming [3] - DouYu focuses on high-quality content production and a sustainable technology-based talent development system to enhance user experience [3]

Core Points - DouYu International Holdings Limited appointed Ms. Simin Ren as Co-CEO, effective January 16, 2025, marking the end of the interim management committee that had been in place since November 2023 [1] - The board of directors declared a special cash dividend of US$9.94 per ordinary share and per American Depositary Share (ADS), with a total payout of approximately US$300 million expected to be distributed around February 20, 2025 [2][3] Company Overview - DouYu is a leading game-centric live streaming platform in China, focusing on eSports and providing immersive gaming experiences through both PC and mobile applications [5] - The company aims to enhance user experience by integrating livestreaming, video, graphics, and virtual communities, while nurturing a technology-based talent development system [5]