DouYu(US:DOYU)2023-05-18 14:00Financial 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]