DouYu(DOYU) - 2025 Q1 - Quarterly Results

Financial Performance - Total net revenues for Q1 2025 were RMB947.1 million (US$130.5 million), a decrease of 8.9% from RMB1,039.7 million in Q1 2024[5] - Gross profit increased by 4.1% to RMB113.5 million (US$15.6 million), with a gross margin of 12.0%, up from 10.5% in the same period last year[17] - Loss from operations was reduced by 84.3% to RMB26.1 million (US$3.6 million) compared to RMB166.9 million in Q1 2024[19] - Net loss decreased by 9.5% to RMB79.6 million (US$11.0 million) from RMB88.0 million in the same period last year[20] - Adjusted net loss (non-GAAP) was RMB20.9 million (US$2.9 million), down 75.6% from RMB85.7 million in Q1 2024[20] User Engagement - Average mobile MAUs were 41.4 million, down 8.7% year-over-year, attributed to fewer official tournament broadcasts[15] - Livestreaming revenues decreased by 29.5% to RMB564.5 million (US$77.8 million) due to a decline in paying users and average revenue per paying user[8] Revenue Streams - Revenues from innovative business, advertising, and others increased by 60.2% to RMB382.6 million (US$52.7 million), driven by voice-based social networking and game membership services[9] Cash and Assets - Cash and cash equivalents as of March 31, 2025, were RMB2,308.8 million (US$318.2 million), down from RMB4,467.8 million as of December 31, 2024, primarily due to a US$300 million special cash dividend[22] - As of March 31, 2025, total assets amounted to RMB 3,202,082, a decrease from RMB 5,446,333 as of December 31, 2024[31] - Cash and cash equivalents increased to RMB 1,852,492 as of March 31, 2025, from RMB 1,017,148 as of December 31, 2024[31] Expenses - Research and development expenses decreased by 39.5% to RMB32.7 million (US$4.5 million) from RMB54.2 million in Q1 2024, mainly due to reduced staff-related expenses[18] - Research and development expenses for the three months ended March 31, 2025, were RMB 32,749, down from RMB 54,150 in the same period of 2024[33] Shareholder Equity - The company’s accumulated deficit as of March 31, 2025, was RMB (3,871,429), an increase from RMB (3,791,817) as of December 31, 2024[32] - The total shareholders' equity as of March 31, 2025, was RMB 1,971,651, a significant decrease from RMB 4,210,089 as of December 31, 2024[32]