DouYu International Holdings Limited (NASDAQ:DOYU) Q1 2023 Earnings Conference Call May 18, 2023 7:00 AM ET Company Participants Lingling Kong - Investor Relations Director Shaojie Chen - Chairman and Chief Executive Officer Hao Cao - Vice President, Finance Mingming Su - Chief Strategy Officer Conference Call Participants Lei Zhang - Bank of America Thomas Chong - Jefferies Ritchie Sun - HSBC Raphael Chen - Bank of China International Operator Good morning and good evening, ladies and gentlemen. Thank you, ...

Financial Performance - Total net revenues for Q1 2023 were RMB1,483.1 million (US$216.0 million), a decrease of 17.4% from RMB1,795.6 million in Q1 2022[2] - Gross profit in Q1 2023 was RMB176.5 million (US$25.7 million), with a gross margin of 11.9%, down from 13.6% in the same period of 2022[8] - Net income for Q1 2023 was RMB14.5 million (US$2.1 million), compared to a net loss of RMB86.9 million in Q1 2022[10] - Total net revenues for the three months ended March 31, 2023, were RMB 1,483,060, a decrease of 12.5% compared to RMB 1,681,054 for the previous quarter[30] - Gross profit for the same period was RMB 176,466, representing a gross margin of approximately 11.9%[30] - The company reported a net loss attributable to ordinary shareholders of RMB 14,517, compared to a net income of RMB 45,320 in the previous quarter[30] - The net income attributable to DouYu for the same period was RMB 14,517 million, compared to a net loss of RMB (86,854) million in the same quarter of the previous year[33] User Metrics - Average mobile MAUs in Q1 2023 were 50.2 million, down from 55.1 million in Q1 2022[2] - Quarterly average paying user count in Q1 2023 was 4.5 million, compared to 6.4 million in the same period of 2022[3] Revenue Breakdown - Livestreaming revenues decreased by 20.7% to RMB1,369.0 million (US$199.3 million) in Q1 2023 from RMB1,727.2 million in Q1 2022[6] - Advertising and other revenues increased by 66.6% to RMB114.1 million (US$16.6 million) in Q1 2023, up from RMB68.4 million in Q1 2022[6] Expenses and Costs - Research and development expenses decreased by 37.8% to RMB72.3 million (US$10.5 million) in Q1 2023 from RMB116.3 million in Q1 2022[9] - Research and development expenses for the three months ended March 31, 2023, were RMB 72,311, down from RMB 80,566 in the previous quarter[30] - The company reported share-based compensation expenses of RMB 33,210 million for the three months ended March 31, 2022, which were not present in the subsequent quarters[33] Cash and Assets - Cash and cash equivalents as of March 31, 2023, were RMB6,597.1 million (US$960.6 million), down from RMB6,808.8 million as of December 31, 2022[11] - Cash and cash equivalents decreased to RMB 3,846,182 as of March 31, 2023, down from RMB 4,041,603 as of December 31, 2022[27] - Total current assets were RMB 6,987,424, a slight decrease from RMB 7,077,184 as of December 31, 2022[27] - The company’s total shareholders' equity decreased to RMB 6,500,589 as of March 31, 2023, from RMB 6,560,559 as of December 31, 2022[29] Liabilities and Deficits - Total liabilities decreased to RMB 1,563,418 as of March 31, 2023, compared to RMB 1,584,806 as of December 31, 2022[29] - The company’s accumulated deficit was RMB 3,506,008 as of March 31, 2023, slightly improved from RMB 3,520,525 as of December 31, 2022[29] Adjusted Metrics - Adjusted net income for Q1 2023 was RMB25.8 million (US$3.7 million), compared to an adjusted net loss of RMB52.5 million in Q1 2022[10] - For the three months ended March 31, 2023, the adjusted operating loss was RMB (27,277) million, a significant improvement from RMB (56,017) million in the previous quarter[33] - Adjusted net income attributable to DouYu reached RMB 25,753 million for the three months ended March 31, 2023, a substantial increase from RMB (52,498) million in the same quarter of the previous year[33] - The adjusted net loss income per ordinary share improved to 0.80 for the three months ended March 31, 2023, compared to (1.64) in the same quarter of the previous year[33] - The adjusted net loss income per ADS was 0.08 for the three months ended March 31, 2023, compared to (0.16) in the same quarter of the previous year[33] Investment and Impairment - The share of loss in equity method investments was RMB 3,236 million for the three months ended March 31, 2023, compared to a loss of RMB (63,781) million in the previous quarter[33] - The company experienced impairment losses of investments amounting to RMB 8,000 million for the three months ended March 31, 2023[33]

[Form 6-K Filing](index=1&type=section&id=Form%206-K%20Filing) This section details the Form 6-K filing by DouYu International Holdings Limited, covering filing specifics and included exhibits [Filing Information](index=1&type=section&id=Filing%20Information) DouYu International Holdings Limited, a foreign issuer, submitted this Form 6-K report to the SEC for the month of April 2023, signed by CEO Shaojie Chen, indicating annual reports are filed under Form 20-F - The report is a Form 6-K filed by DouYu International Holdings Limited for the month of April 2023[1](index=1&type=chunk) - The company confirms its annual reports are filed under Form 20-F[1](index=1&type=chunk) - The report was signed on April 25, 2023, by Shaojie Chen, the company's Chief Executive Officer and Director[4](index=4&type=chunk) [Exhibits](index=2&type=section&id=Exhibits) This filing contains a single exhibit, a press release, which is attached to the report Exhibit Index | Exhibit No. | Description | | :---------- | :------------ | | 99.1 | Press Release |

PART I [ITEM 3. KEY INFORMATION](index=8&type=section&id=ITEM%203.%20KEY%20INFORMATION) The company's operations rely on a VIE structure, facing significant PRC and US regulatory risks - DouYu operates in China through a **VIE structure** due to foreign investment restrictions, controlling its operating entities via contractual arrangements[15](index=15&type=chunk)[16](index=16&type=chunk)[20](index=20&type=chunk) - In 2022, revenues from the VIEs accounted for **99% of the company's total net revenues**, highlighting the structure's critical importance[15](index=15&type=chunk) - The company faces significant regulatory risks from the PRC government, including the **Cybersecurity Review Measures** and the **Overseas Listing Trial Measures**[34](index=34&type=chunk)[38](index=38&type=chunk) - Under the HFCAA, the company's immediate delisting risk was reduced after the **PCAOB was able to conduct inspections in China** in December 2022[61](index=61&type=chunk)[156](index=156&type=chunk) Condensed Consolidating Statement of Operations (RMB in thousands) | Indicator | Year | Our Company & Subsidiaries | VIEs & VIEs' Subsidiaries | Eliminations | Consolidated | | :--- | :--- | :--- | :--- | :--- | :--- | | **Net Revenues** | 2022 | 534,948 | 7,022,079 | (448,789) | 7,108,238 | | | 2021 | 1,824,996 | 8,965,084 | (1,624,749) | 9,165,331 | | | 2020 | 2,305,426 | 8,697,485 | (1,401,037) | 9,601,874 | | **Net (Loss) Income** | 2022 | (246,380) | (9,847) | 165,812 | (90,415) | | | 2021 | (1,087,055) | 388,119 | 78,687 | (620,249) | | | 2020 | 908,837 | 432,731 | (936,833) | 404,735 | Condensed Consolidating Balance Sheet (RMB in thousands) | Indicator | As of Dec 31, 2022 | Our Company & Subsidiaries | VIEs & VIEs' Subsidiaries | Eliminations | Consolidated | | :--- | :--- | :--- | :--- | :--- | :--- | | **Total Assets** | 2022 | 8,476,271 | 1,974,379 | (5,353,319) | 8,145,365 | | | 2021 | 11,359,074 | 2,196,884 | (5,399,055) | 8,156,903 | | **Total Liabilities** | 2022 | 3,741,437 | 1,250,336 | (3,406,966) | 1,584,807 | | | 2021 | 3,942,444 | 1,672,807 | (3,716,937) | 1,898,314 | [Risk Factors](index=26&type=section&id=3.D.%20Risk%20Factors) The company faces significant risks related to its VIE structure, Chinese regulations, business operations, and ADSs - The PRC government may exert more control over overseas offerings, with new regulations like the **Overseas Listing Trial Measures** potentially impacting operations[83](index=83&type=chunk)[86](index=86&type=chunk) - The business is subject to complex Chinese laws on data privacy, such as the **Cybersecurity Review Measures** for companies with over one million users[105](index=105&type=chunk)[108](index=108&type=chunk) - The company's success is highly dependent on its ability to **retain its user base and top streamers** to drive revenue from virtual gifts and advertising[163](index=163&type=chunk)[166](index=166&type=chunk) - There are substantial uncertainties regarding the **legality of the VIE structure** under PRC law, which could lead to severe penalties if deemed non-compliant[308](index=308&type=chunk)[333](index=333&type=chunk) - The company was likely a **Passive Foreign Investment Company (PFIC) for 2022** and faces a significant risk of being a PFIC for 2023, which could harm U.S. investors[370](index=370&type=chunk)[372](index=372&type=chunk) [INFORMATION ON THE COMPANY](index=108&type=section&id=ITEM%204.%20INFORMATION%20ON%20THE%20COMPANY) The company is a leading game-centric livestreaming platform in China with a monetization model based on virtual gifts - DouYu operates a leading game-centric livestreaming platform in China, focusing on eSports, with **471.8 million registered users** as of December 31, 2022[378](index=378&type=chunk)[379](index=379&type=chunk) - The company's monetization is driven by livestreaming and advertising, with **livestreaming accounting for 95.6% of total net revenues** in 2022[411](index=411&type=chunk) - DouYu employs a comprehensive content monitoring system using **AI-backed detection and manual review** to filter inappropriate content and protect minors[437](index=437&type=chunk)[440](index=440&type=chunk) - **Tencent is a key strategic partner and major shareholder**, holding approximately 37.7% of the company's total voting power as of March 31, 2023[441](index=441&type=chunk) Key Operating Metrics (Q4) | Metric | Q4 2021 | Q4 2022 | YoY Change | | :--- | :--- | :--- | :--- | | Average Mobile MAUs | 62.4 million | 57.4 million | -7.9% | | Average Mobile eSports MAUs | 37.1 million | 28.3 million | -23.7% | | Quarterly Average Paying Users | 7.3 million | 5.6 million | -23.3% | [OPERATING AND FINANCIAL REVIEW AND PROSPECTS](index=173&type=section&id=ITEM%205.%20OPERATING%20AND%20FINANCIAL%20REVIEW%20AND%20PROSPECTS) The company saw decreased revenue but a narrowed net loss in 2022 due to cost controls and operational adjustments - The **20.9% decrease in livestreaming revenue** in 2022 was mainly due to a drop in paying users from 17.5 million to 15.5 million[650](index=650&type=chunk) - **Cost of revenues decreased by 24.2%** in 2022, driven by lower revenue sharing fees and reduced copyright procurement costs[651](index=651&type=chunk)[652](index=652&type=chunk) - **Total operating expenses fell by 31.6%** in 2022, reflecting improved cost control across sales, R&D, and G&A functions[653](index=653&type=chunk) Consolidated Financial Performance (RMB in millions) | Metric | 2020 | 2021 | 2022 | | :--- | :--- | :--- | :--- | | **Net Revenues** | 9,601.9 | 9,165.3 | 7,108.2 | | *YoY Change* | - | -4.5% | -22.5% | | **Gross Profit** | 1,560.3 | 1,089.9 | 990.1 | | *Gross Margin* | 16.3% | 11.9% | 13.9% | | **(Loss) Income from Operations** | 262.1 | (648.7) | (198.9) | | **Net Income (Loss)** | 404.7 | (620.2) | (90.4) | | **Adjusted Net Income (Loss)** | 541.5 | (439.3) | (7.6) | Consolidated Cash Flow Summary (RMB in millions) | Metric | 2020 | 2021 | 2022 | | :--- | :--- | :--- | :--- | | Net cash from operating activities | 667.6 | (586.3) | (67.8) | | Net cash used in investing activities | (2,612.6) | (19.1) | (608.6) | | Net cash used in financing activities | (479.2) | (107.2) | (109.0) | [DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES](index=196&type=section&id=ITEM%206.%20DIRECTORS%2C%20SENIOR%20MANAGEMENT%20AND%20EMPLOYEES) The section details board composition, executive compensation, share incentive plans, and employee demographics - The board consists of ten members and **relies on home country practice exemptions**, thus not having a majority of independent directors[708](index=708&type=chunk)[737](index=737&type=chunk) - For fiscal year 2022, total cash compensation paid to all directors and executive officers was approximately **RMB 15.9 million** (US$2.3 million)[718](index=718&type=chunk) - The company maintains two share incentive plans, with **2,075,858 RSUs granted and vested** under the 2018 scheme as of March 31, 2023[722](index=722&type=chunk)[728](index=728&type=chunk) - As of December 31, 2022, the company had **1,973 employees**, with the largest functions being general & administration and R&D[748](index=748&type=chunk) [MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS](index=210&type=section&id=ITEM%207.%20MAJOR%20SHAREHOLDERS%20AND%20RELATED%20PARTY%20TRANSACTIONS) Tencent is the largest shareholder, and the company engages in significant related party transactions with it - The company engages in significant business with talent agencies in which it holds equity method investments, paying them **revenue sharing fees of RMB 181.6 million** in 2022[760](index=760&type=chunk) Principal Shareholders (as of March 31, 2023) | Shareholder | Ordinary Shares Beneficially Owned | Percentage of Total Ordinary Shares | | :--- | :--- | :--- | | Entities affiliated with Tencent | 12,070,080 | 37.7% | | Shaojie Chen (via Warrior Ace Holding Limited) | 5,441,949 | 17.0% | Transactions with Tencent Group (RMB in millions) | Transaction Type | 2020 | 2021 | 2022 | | :--- | :--- | :--- | :--- | | Services provided to Tencent | 9.0 | 42.8 | 20.4 | | Services received from Tencent | 330.6 | 868.7 | 398.1 | [FINANCIAL INFORMATION](index=215&type=section&id=ITEM%208.%20FINANCIAL%20INFORMATION) The company settled class action lawsuits in 2022 and does not plan to pay dividends in the near future - The company was involved in securities class action lawsuits filed in 2020, which were **settled with final approval on December 1, 2022**[764](index=764&type=chunk)[767](index=767&type=chunk) - The company has **no plan to declare or pay any dividends** in the near future, intending to retain earnings to expand the business[769](index=769&type=chunk) [ADDITIONAL INFORMATION](index=216&type=section&id=ITEM%2010.%20ADDITIONAL%20INFORMATION) The company details its Cayman Islands legal framework, PRC tax exposure, and significant PFIC risk for U.S. investors - The company is an exempted company incorporated in the Cayman Islands with an authorized share capital of **500 million ordinary shares**[773](index=773&type=chunk)[777](index=777&type=chunk) - Each ordinary share is entitled to one vote, and a quorum for shareholder meetings requires holders of at least **one-third of the votes**[779](index=779&type=chunk)[780](index=780&type=chunk) - The company is subject to a **25% PRC enterprise income tax rate** and risks its holding company being classified as a PRC "resident enterprise"[800](index=800&type=chunk)[802](index=802&type=chunk) - For U.S. tax purposes, the company was likely a **Passive Foreign Investment Company (PFIC) for 2022** and faces a significant risk of being a PFIC for 2023[809](index=809&type=chunk) [QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](index=230&type=section&id=ITEM%2011.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The primary market risk is foreign exchange exposure from holding U.S. dollars while earning revenue in RMB - The company's primary market risk is **foreign exchange risk**, as most revenues are in RMB while significant cash is held in U.S. dollars[830](index=830&type=chunk)[831](index=831&type=chunk) - As of December 31, 2022, a hypothetical **10% depreciation of the U.S. dollar** against the RMB would decrease the cash balance by RMB 361.8 million[832](index=832&type=chunk) - **Inflation in China has not materially impacted** the company's results of operations to date[833](index=833&type=chunk) PART II [CONTROLS AND PROCEDURES](index=235&type=section&id=ITEM%2015.%20CONTROLS%20AND%20PROCEDURES) Management and the independent auditor concluded that internal controls were effective as of year-end 2022 - Management concluded that the company's **disclosure controls and procedures were effective** as of December 31, 2022[845](index=845&type=chunk)[846](index=846&type=chunk) - Based on the COSO framework, management concluded that the company's **internal control over financial reporting was effective** as of December 31, 2022[847](index=847&type=chunk) - The independent auditor issued an **unqualified opinion on the effectiveness** of the company's internal control over financial reporting[850](index=850&type=chunk)[852](index=852&type=chunk) [AUDIT COMMITTEE FINANCIAL EXPERT](index=237&type=section&id=ITEM%2016.A.%20AUDIT%20COMMITTEE%20FINANCIAL%20EXPERT) The board has identified Mr. Zhaoming Chen as the audit committee financial expert - The Board of Directors has determined that **Mr. Zhaoming Chen qualifies as an "audit committee financial expert"** and meets SEC and Nasdaq independence standards[853](index=853&type=chunk) [PRINCIPAL ACCOUNTANT FEES AND SERVICES](index=238&type=section&id=ITEM%2016.C.%20PRINCIPAL%20ACCOUNTANT%20FEES%20AND%20SERVICES) Total auditor fees were RMB 8.62 million in 2022, entirely for audit services - The audit committee's policy is to **pre-approve all audit and non-audit services** provided by the principal accountant[857](index=857&type=chunk) Auditor Fees (RMB in thousands) | Service Type | 2020 | 2021 | 2022 | | :--- | :--- | :--- | :--- | | Audit Fees | 8,483 | 8,284 | 8,622 | | Audit-Related Fees | 1,958 | 997 | — | | Tax Fees | 2,175 | 45 | — | | **Total** | **12,616** | **9,326** | **8,622** | [PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS](index=238&type=section&id=ITEM%2016.E.%20PURCHASES%20OF%20EQUITY%20SECURITIES%20BY%20THE%20ISSUER%20AND%20AFFILIATED%20PURCHASERS) No shares were repurchased under the US$100 million program between March 2022 and March 2023 - The company authorized a **US$100 million share repurchase program** on August 30, 2021, for a 12-month period[860](index=860&type=chunk) - **No ADSs were repurchased** under the 2021 Share Repurchase Program in the period from March 31, 2022, to March 31, 2023[860](index=860&type=chunk) [CORPORATE GOVERNANCE](index=239&type=section&id=ITEM%2016.G.%20CORPORATE%20GOVERNANCE) The company follows home country practices, exempting it from certain Nasdaq governance requirements - As a foreign private issuer, the company **follows home country (Cayman Islands) corporate governance practices**, exempting it from certain Nasdaq rules[863](index=863&type=chunk) - Key exemptions taken include **not having a majority of independent directors** on the board or fully independent board committees[863](index=863&type=chunk) - The company also relied on a home country exemption to **not hold an annual shareholder meeting in 2022**[864](index=864&type=chunk) [DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS](index=239&type=section&id=ITEM%2016.I.%20DISCLOSURE%20REGARDING%20FOREIGN%20JURISDICTIONS%20THAT%20PREVENT%20INSPECTIONS) The company no longer expects to be identified under the HFCAA following the PCAOB's successful 2022 inspections - The company was previously identified under the HFCAA due to the **PCAOB's inability to inspect** its China-based auditor[866](index=866&type=chunk) - On December 15, 2022, the **PCAOB vacated its 2021 determination** after conducting complete inspections, so DouYu does not expect to be identified for fiscal 2022[867](index=867&type=chunk) - The company states that **no governmental entities in China own its shares** or have a controlling financial interest[866](index=866&type=chunk) PART III [FINANCIAL STATEMENTS](index=241&type=section&id=ITEM%2018.%20FINANCIAL%20STATEMENTS) This section presents the audited consolidated financial statements prepared in accordance with U.S. GAAP - The independent auditor's report identified the **impairment assessment of investments as a critical audit matter** due to significant management judgments[885](index=885&type=chunk)[886](index=886&type=chunk) - The company has provided a **full valuation allowance for its deferred tax assets** as their future realization is not more likely than not[703](index=703&type=chunk)[1016](index=1016&type=chunk) Consolidated Balance Sheet Data (RMB) | Metric | As of Dec 31, 2021 | As of Dec 31, 2022 | | :--- | :--- | :--- | | Cash and cash equivalents | 4,456,405,874 | 4,041,602,800 | | Total Assets | 8,156,902,381 | 8,145,366,409 | | Total Liabilities | 1,898,314,269 | 1,584,806,262 | | Total Shareholders' Equity | 6,258,588,112 | 6,560,560,147 | Consolidated Statement of Comprehensive Income (Loss) Data (RMB) | Metric | 2020 | 2021 | 2022 | | :--- | :--- | :--- | :--- | | Net Revenues | 9,601,873,937 | 9,165,330,760 | 7,108,238,352 | | Gross Profit | 1,560,345,352 | 1,089,910,236 | 990,110,052 | | Net Income (Loss) | 404,735,526 | (620,248,897) | (90,414,597) | | Net Income (Loss) per ADS (Basic) | 1.52 | (1.79) | (0.24) |

DouYu International Holdings Limited (NASDAQ:DOYU) Q4 2022 Earnings Conference Call March 20, 2023 7:00 AM ET Company Participants Lingling Kong - Investor Relations Director Hao Cao - Vice President, Finance Shaojie Chen - Chairman and Chief Executive Officer Mingming Su - Chief Strategy Officer Conference Call Participants Lei Zhang - Bank of America Thomas Chong - Jefferies Yiwen Zhang - China Renaissance Raphael Chen - BOCI Research Limited Operator Good morning and good evening, ladies and gentlemen. ...

Financial Data and Key Metrics Changes - Total net revenues in Q3 2022 decreased by 23.4% year-over-year to RMB1.8 billion, with live streaming revenues at RMB1.71 billion, down 22.9% from RMB2.21 billion in the same period of 2021 [21][22] - Adjusted net profit reached RMB25.7 million, compared to an adjusted net loss of RMB72.7 million in Q3 2021, marking the second consecutive quarter of profitability on an adjusted basis [27][26] - Quarterly ARPU increased by 3.9% to RMB319 from RMB307 in the same period last year [21][22] Business Line Data and Key Metrics Changes - The number of paying users in Q3 2022 was 5.6 million, reflecting a decline due to the cancellation of low ROI promotional activities for new users [14][45] - Membership services were upgraded, leading to improved renewal rates and increased user engagement [15][49] Market Data and Key Metrics Changes - MAUs numbered 57.1 million, a decline of 7.7% year-over-year but a 2.5% increase quarter-over-quarter, indicating stabilization after the impact of selective copyright procurement strategy [6][7] - Advertising and other revenues decreased to RMB93.3 million from RMB137.5 million in the same period of 2021, primarily due to soft demand for brand advertising [22] Company Strategy and Development Direction - The company is focused on building a game-centric comprehensive content system, refining operations, and innovating services while maintaining a healthy gaming ecosystem [30][33] - Future plans include exploring new business models, improving revenue quality, and enhancing operational efficiency through cost controls [33][47] Management Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by a changing economic environment and emphasized the importance of operational stability and financial prudence [30][31] - The company aims to continue investing in self-produced content and deepen collaborations with game developers to enhance user engagement and attract new users [18][34] Other Important Information - The company has implemented a selective copyright procurement strategy to avoid overpriced content, which has positively impacted gross margins [24][55] - The introduction of game-specific membership services is expected to enhance user engagement and create new monetization opportunities [16][52] Q&A Session Summary Question: Current strategic focus and business plan for next year - Management highlighted the development of a game-centric content system and the importance of sustainable operating strategies to ensure stability [30][31] Question: Drivers for mobile MAU trends - Management noted that the decline in MAUs was influenced by the selective copyright procurement strategy, but recent investments in self-produced content have stabilized traffic [33][34] Question: Insights on content and operations progress - Management emphasized the importance of high-quality content and operational refinement to attract and retain users [37][38] Question: Trends in paying user count - Management explained the decline in paying users was due to the cancellation of low ROI promotional activities, focusing instead on maintaining core paying users [45][46] Question: Progress on platform-wide and game-specific membership services - Management discussed the positive impact of membership services on user engagement and revenue, with plans to further customize offerings [48][49] Question: Drivers behind gross margin changes - Management attributed the increase in gross margin to improved revenue quality and cost management strategies [53][54]

DouYu International Holdings Limited (NASDAQ:DOYU) Q2 2022 Earnings Conference Call August 15, 2022 7:00 AM ET Company Participants Lingling Kong - Investor Relations Director Shaojie Chen - Chairman and Chief Executive Officer Mingming Su - Chief Strategy Officer Hao Cao - Vice President, Finance Conference Call Participants Lei Zhang - Bank of America Alex Poon - Morgan Stanley Thomas Chong - Jefferies Yiwen Zhang - China Renaissance Brian Gong - Citigroup Operator Good morning and good evening, ladies an ...

DouYu International Holdings Limited (NASDAQ:DOYU) Q1 2022 Earnings Conference Call May 18, 2022 7:00 AM ET Company Participants Lingling Kong - Investor Relations Shaojie Chen - Chairman & Chief Executive Officer Hao Cao - Vice President of Finance Mingming Su - Chief Strategy Officer Conference Call Participants Lei Zhang - Bank of America Merrill Lynch Thomas Chong - Jefferies Yiwen Zhang - China Renaissance Alex Poon - Morgan Stanley Ritchie Sun - HSBC Operator Good morning and good evening, ladies and ...