当斗鱼2025年二季度财报亮出"总营收10.54 亿元同比微增、净利润3783万元扭亏为盈" 的成绩时，不少人以为这家老牌直播平台终于迎来了"翻身时刻"。 尤其是创新业务收入近乎翻倍的数据，看起来满是向好信号。 01 直播业务连续14个季度下滑 凤凰网财经《公司研究院》 可翻开财报细节才发现，这场"盈利"多少有些不够厚重，收入仅仅是微增，更多的是带宽、研发、营销费用等成本的缩减所致。 不仅如此，斗鱼核心直播收入连续14个季度下滑，月活用户更是首次跌破4000万，就连被寄予厚望的语音社交业务，也陷入了"涉黄擦边"等争议漩涡。 月活用户跌破4000万 前不久，武汉斗鱼网络科技有限公司（以下简称 "斗鱼"）发布了2025年第二季度未经审计的财务报告。财报显示，二季度斗鱼总营收达10.54亿元，较去年 同期提升2.12%；毛利润1.42亿元，同比增长68.5%；毛利率提升至13.5%；实现净利润3783万元，成功实现扭亏为盈。 不过，凤凰网财经《公司研究院》细看斗鱼这份财报，发现并不简单。 按照收入结构，斗鱼收入主要来自两方面，一方面为直播收入，另一方面是创新业务、广告和其他收入。 其中直播收入一直是斗鱼的核心"摇钱 ...

Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook compared to the market [6]. Core Insights - The company reported a significant increase in net profit by 79.4% year-on-year for the first half of 2025, driven by effective operational strategies and a diversified revenue model [6][8]. - The revenue for the first half of 2025 reached 4.911 billion yuan, reflecting an 8.6% increase compared to the previous year [6][8]. - The company is focusing on a "three expansion" strategy, emphasizing repurchase, franchise, and digitalization to enhance growth [6]. Financial Data and Profit Forecast - Total revenue projections for 2025 are estimated at 11.608 billion yuan, with a year-on-year growth rate of 24.3% [5]. - The forecasted net profit for 2025 is 402 million yuan, representing a 121.8% increase compared to the previous year [5]. - The gross margin for the first half of 2025 was reported at 27.7%, while the net margin improved to 2.9% [6][12]. Business Performance - The company's core business in maternal and infant products generated 4.327 billion yuan in revenue, with a year-on-year growth of 9.31% [6]. - The online sales of maternal and infant products accounted for 13% of total revenue, while offline sales dominated at 87% [6]. - The company has successfully implemented AI and acquisition strategies to enhance its growth potential, including the launch of AI-driven marketing tools and the acquisition of a leading hair care brand [6].