斗鱼：收入环比平稳，推动业务结构多元化

Investment Rating - The report maintains a "Hold" rating for Douyu (DOYU.US) with a target price adjusted to $7.7 [2][3]. Core Insights - Douyu's revenue for Q2 2024 was RMB 1.03 billion, a year-on-year decline of 26%, but stable compared to the previous quarter. The adjusted net loss was RMB 45.5 million, with a net loss margin of 4.4% [2]. - Live streaming revenue decreased by 37% year-on-year to RMB 790 million, attributed to a weak macro environment and the introduction of lower-priced products with reduced promotional activities. Mobile MAU fell by 12% to 44.1 million, primarily due to competition from short video platforms, although core users remained stable [2]. - Innovative business, advertising, and other revenues reached RMB 240 million, a year-on-year increase of 81%, accounting for 23% of total revenue, driven by voice social and other innovative business initiatives [2]. - The company plans to deepen collaborations with game developers to enhance commercialization channels such as game memberships and in-game items, aiming for a diversified business structure [2]. Financial Projections - The report forecasts a continued pressure on growth due to the macro environment and industry competition, expecting the live streaming business to remain under pressure in the short term. The company is projected to incur losses for the full year [2][3]. - Following a dividend payout, cash reserves will decrease, leading to a decline in interest income. The company completed a $20 million share repurchase plan and announced a special dividend of $9.76 per ADS, totaling $300 million, which is expected to help enhance cash value [2].