2025年Q2总营收10.54亿实现扭亏为盈，斗鱼迎来新增长动能

Core Viewpoint - The gaming live streaming industry is transitioning into a phase of stock competition, which raises operational demands on platforms. Douyu's Q2 2025 financial report shows significant growth in revenue and profitability, attributed to its focus on innovative business and content ecosystem operations [2][6]. Financial Performance - Douyu's total revenue for Q2 reached 1.054 billion yuan, showing steady growth compared to the same period last year [2] - Gross profit was 142 million yuan, representing a year-on-year increase of 68.5%, with a gross margin of 13.5% [2] - The company achieved a net profit of 37.83 million yuan, with an adjusted net profit of 25.28 million yuan, marking a quarterly profit milestone [2] Innovative Business Growth - Innovative business, advertising, and other revenues amounted to 476 million yuan in Q2, reflecting a year-on-year growth of 96.8%, marking ten consecutive quarters of growth [3] - The growth in innovative business revenue is primarily driven by game membership and voice service contributions [4] - Voice service revenue increased by 70.8% to 296 million yuan, with an average of 463,000 monthly active users and 81,000 monthly paying users in Q2 2025 [4] Content Ecosystem Development - Douyu continues to enhance its content innovation by strengthening its esports event matrix, providing high-quality and vibrant content for users [5] - Official event broadcasts included major competitions like the King of Glory KPL Summer Tournament and the CFPL Summer Tournament, catering to core player viewing needs [5] - The platform has implemented strict governance measures against illegal content, permanently banning 1,146 live rooms and taking action against numerous accounts to maintain a healthy content environment [6] Strategic Outlook - Douyu's co-CEO emphasized the company's commitment to revenue diversification and cost efficiency, aiming to enhance the commercialization of innovative businesses and expand industry collaborations [6] - The company is poised to leverage the challenges in the gaming live streaming industry as opportunities for growth, with its stable growth logic being validated [6]