出品｜搜狐财经 作者｜闫思羽 编辑｜李文贤 2025年5月，直播带货行业曾经的"顶流"三只羊公司再次成为舆论焦点。旗下多家公司高管密集变更，关联企业佛山市美诚食品有限公司悄然注销，而创始 人"疯狂小杨哥"则在争议声中低调复播却反响平平。 这场危机始于2024年"美诚月饼虚假宣传事件"，如今已从单一产品问题演变为企业生存之战。 香颂资本董事沈萌分析称，虚假宣传事件重创消费者信任，业务收缩与架构调整是必然选择，高管调整和公司注销都是调整的一部分。 为困境求生，今年4月，三只羊在各应用商店上线的"小杨臻选"APP也遇冷。互联网产业分析师张书乐解释，自建平台有引流难题，由于缺少更多内容和选 择，也很难壮大，只能是铁粉大本营，算是留条退路，不算新的出路。 三只羊的困境本质是直播电商行业转型期的缩影。据艾瑞咨询测算，2024年中国直播电商市场规模约为5.8万亿元，预计2025年将突破5.3万亿元，行业呈现 多平台竞争格局。 美诚生产商注销、三只羊旗下多家公司高管变更 搜狐财经发现，曾处在风口浪尖的"美诚月饼事件"的生产商——佛山市美诚食品有限公司于5月15日完成注销，而其品牌运营方广州市美诚食品科技有限公 司仍存续。 天 ...

Core Insights - Douyu has significantly improved its operational and profitability capabilities after over two years of business restructuring and repositioning [1][3] - The Q1 2025 financial report showcases Douyu's operational achievements, with total revenue reaching 947 million yuan, a 60.2% year-on-year increase in innovative business and advertising revenue [1][3] Revenue and Cost Management - Douyu's innovative business, advertising, and other revenues accounted for over 40% of total revenue in Q1 2025, indicating a successful transition to a more diversified income model [3][4] - The independent voice social business generated 290.1 million yuan in revenue during Q1 2025, reflecting strong user engagement and effective marketing strategies [3][4] - Cost control measures led to a reduction in sales and marketing expenses by 3.5%, R&D expenses by 39.5%, and management expenses by 16.4% compared to the same period last year [6][8] User Engagement and Content Strategy - The average monthly active users (MAU) on mobile reached 41.4 million, with an average of 2.9 million paying users, although the MAU saw an 8.7% year-on-year decline due to reduced official event broadcasts [6][8] - Douyu has optimized its content structure by adjusting copyright strategies and increasing self-produced content, enhancing user experience while achieving cost efficiency [8][13] - The company successfully broadcasted nearly 40 official large-scale esports events and over 20 self-produced esports events in Q1 2025, maintaining a strong connection with its user base [8][11] Market Position and Future Outlook - Douyu is navigating a challenging market environment as the gaming live-streaming industry shifts towards rationalization and competition intensifies [7][12] - The company is undergoing a necessary transformation to break free from past business dependencies, with its second growth curve becoming a driving force for future success [7][12] - Douyu's strategic focus on enhancing user experience and optimizing resource allocation positions it for sustainable growth in the evolving gaming live-streaming landscape [12][13]

5月21日，演员吴彦祖开启首次直播，带货自己的英语课程。该场直播以"实用英语"为主题，联合英语教师杨家成共同教学。 当晚，吴彦祖的直播间橱窗一共上线了4款商品，包括49.8元口语图书、398元的"90天'祖成'英语陪跑课"、698元的AI口语陪练，以及2486元的90天真人纠 音。课程主打吴彦祖真人视频教学及AI技术结合，覆盖1000+生活场景对话。 据第三方平台数据，当晚直播间场均观看人次达到了1903.0万人，整场直播销售额在1000万至2500万之间，其中售价398元的课程销量最高。 2、张雪峰官宣快手独家直播 5月22日，张雪峰官宣将在高考志愿报考核心期6月15日至30日，在个人的快手账号直播间开启全网独家直播，连播15天免费连麦助力志愿填报。 主播&达人 1、吴彦祖开启直播卖课 据悉，这是张雪峰第二次与快手独家合作高考直播。《2024快手高考季数据报告》显示，2024年张雪峰在快手独家直播的11场志愿填报专场，直播累计观看 量达3.24亿，其快手账号也净涨粉超130万。截至发稿前，其快手账号@张雪峰老师粉丝量已超827万。 3、民间打拐志愿者上官正义带货引争议 近日，民间打拐志愿者上官正义因直播带货 ...

近日，市场监管总局和中消协联合发布直播带货消费提示，其中提到了多个消费者容易遇到的问题和相应的避坑办法。记者实测发现，有些办法确实能帮消 费者鉴别商品、避免损失，但还有的办法用起来并不顺手，效果也不尽如人意。 要求看证书 主播遮遮掩掩 "天然翡翠A货工厂清货""珠宝定制大礼送不停""新款手镯专场来啦"……打开直播带货平台，在珠宝首饰门类里，直播间数量多得让人眼花缭乱。有的带货 主播，语速之快犹如"哒哒哒"的机关枪，直播间里观众的弹幕也是一条又一条，气氛十分火热。 "30号手镯姐姐，这款是0.85克金子，16克银子……"一家专卖金包银首饰的直播间里，一位观众看中了一款购物车里的手镯，主播马不停蹄开始了讲解，边 讲还边发动价格攻势。"原价799，您要的话我直接给您个优惠价，710您拿走！我们助理马上把链接改一下价格……" 有人在犹豫是否下单，有人则对首饰的材质提出了疑问。"你们这首饰有钢印吗？"看到弹幕里飘过这样一句话，主播将手中的手镯对着镜头，只见手镯上刻 着"999"三个数字。"我们的手镯都是999足金的啊！您放心下单，放心戴……" 又过了几分钟，主播在展示另一款产品时，又有人问起了"钢印"问题，从名称来看， ...

Core Viewpoint - Douyu has significantly improved its profitability through ongoing business diversification and cost efficiency initiatives, as evidenced by its latest financial report for Q1 2025, which shows a total revenue of 947 million RMB and a gross profit of 114 million RMB, marking a year-on-year increase of 4.1% and a quarter-on-quarter increase of 62.6% [1][2]. Financial Performance - In Q1 2025, Douyu reported a gross profit of 113.5 million RMB, with a gross margin of 12.0%, reflecting a year-on-year increase of 1.5 percentage points and a quarter-on-quarter increase of 5.9 percentage points [2]. - The company reduced its operating loss to 26.1 million RMB, a significant year-on-year decrease of 84.3%, while the adjusted net loss narrowed by 75.6% to 20.9 million RMB [1]. Business Strategy - Douyu's strategy focuses on enhancing revenue diversification and improving cost efficiency, which includes increasing commercial partnerships with game developers and optimizing the operation and promotion of its voice services [1][6]. - The company has adjusted its content and operational strategies to navigate the competitive live-streaming industry, aiming for a sustainable transformation [1][6]. Content and Events - In Q1 2025, Douyu broadcasted nearly 40 official large-scale esports events and produced over 20 self-hosted esports events, including major competitions like the King of Glory KPL Spring Tournament and the Counter-Strike 2 Blast Spring Tournament [2][3]. - The introduction of innovative formats in events, such as the "Time Cup" for League of Legends, led to a 134% increase in viewership and a 255% increase in daily event returns [3]. User Engagement - Douyu's average monthly active users (MAU) reached 41.4 million, with an average of 2.9 million paying users and an average revenue per paying user (ARPPU) of 216 RMB [4]. Diversification Progress - The company's innovative business, advertising, and other revenues grew by 60.2% year-on-year to 382.6 million RMB, accounting for 40% of total revenue, up from 23% in the same period last year [6]. - Douyu's voice social service generated 290 million RMB in revenue during the quarter, with an average of 498,400 monthly active users and 82,900 monthly paying users [6]. Community and Governance - Douyu has implemented measures to enhance community governance, including a report on ecological governance that addresses issues such as illegal transactions and content violations [7].

Core Viewpoint - The article discusses the rise of "star second-generation" influencers in the live-streaming e-commerce space, highlighting the case of Wang Yichen, the daughter of the famous children's program host Jin Guizi, and her successful entry into the market leveraging her mother's fame [1][3][23]. Group 1: Wang Yichen's Journey - Wang Yichen, known as @金龟子的娃娃 on Douyin, began her journey in live-streaming e-commerce in 2022 and has since gained significant traction, with her account amassing 2.245 million followers [3][8]. - In 2024, her account conducted 154 live-streaming sessions, generating an estimated sales revenue between 77 million to 115 million yuan [3][10]. - The recent 30-day sales estimate for her account reached between 10 million to 25 million yuan, indicating a growing trend in her sales performance [3][10]. Group 2: Content and Audience Engagement - Wang Yichen's content primarily revolves around family life, motherhood, and daily interactions with her mother, Jin Guizi, which resonates well with her audience [4][6]. - The demographic of her followers is predominantly women aged 31 to 40, many of whom grew up watching her mother's shows, creating a strong emotional connection [9]. - Her live-streaming sessions maintain a frequency of three times a week, focusing on affordable daily products, which aligns with her audience's preferences [10][12]. Group 3: Industry Trends and Comparisons - The article notes that Wang Yichen is not alone; many star second-generation influencers are entering the live-streaming market, leveraging their parents' fame to gain initial traction [13][23]. - Other examples include influencers like Xiang Zuo and Ba Tu, who have also successfully transitioned into live-streaming e-commerce, showcasing the trend of celebrity offspring capitalizing on their family backgrounds [15][20]. - The live-streaming e-commerce industry is characterized by a blend of celebrity influence and the necessity for genuine engagement and quality content to maintain consumer trust [24][25].

Core Insights - Douyu has reported a significant improvement in its financial performance, with total revenue reaching 947 million RMB, and a notable reduction in operating losses by 84.3% to 26.1 million RMB, indicating the effectiveness of its cost reduction and efficiency enhancement strategies [1][2] Group 1: Profitability Improvement - The improvement in Douyu's profitability is attributed to deep optimization of content costs and operational efficiency, including adjustments in the management of streamer resources and the introduction of performance assessment mechanisms [2] - The company has maintained a solid content strategy while enhancing operational precision, which has contributed to the stable development of its traditional live streaming business [3][4] Group 2: Diverse Business Layout - Douyu's innovative business and advertising revenue have become key growth drivers, with revenue from these segments reaching 383 million RMB, a year-on-year increase of 60.2%, accounting for 40.4% of total revenue [5][8] - The company has strengthened its ties with game developers, integrating live streaming with game consumption, exemplified by the "Peaceful Store" initiative in collaboration with "Peace Elite," which enhances user engagement and purchasing intent [5][8] Group 3: Strategic Transformation - Douyu's strategic transformation reflects a clear commitment to operational efficiency and exploration of diversified growth paths, gradually building a more resilient business ecosystem [9] - The focus on user value and innovation-driven growth positions the company favorably in a dynamic competitive landscape, with potential for further development as it deepens its engagement with the gaming ecosystem and explores new service forms [9]

据斗鱼5月20日发布的第一季度财报显示，公司报告期内的收入为9.47亿元，毛利润为1.14亿元，同比增长4.1%，环比增长62.6%，毛利率为12%，同比提升 1.5个百分点，环比提升5.9个百分点，且调整后净亏损为2090万元，同比大幅缩窄75.6%。 毛利双增以及亏损的大幅收窄，说明斗鱼报告期内的盈利能力得到大幅改善。而作为新增长曲线的创新业务、广告及其他收入的高速增长则意味着斗鱼的多 元商业化体系的持续向好。报告期内，斗鱼创新业务、广告及其他收入为3.83亿元，同比增长60.2%，占公司总收入的比例已突破四成，斗鱼平台多元商业 化的潜力持续凸显。 新增长曲线收入占比的不断提升意味着斗鱼已突破了传统游戏直播的商业模式，再叠加公司盈利能力的大幅提升，这标志着斗鱼在对业务结构持续深化调整 后，已于新的一年步入高质量增长的新阶段，斗鱼将向市场展现其成长"新范式"。 聚焦业务多元化和效率改善，带动盈利能力大幅提升 当前的游戏直播行业，面临着行业调整与企业内部发展的双重挑战。就行业而言，由于互联网流量红利的见顶以及短视频平台的强势崛起，游戏直播行业竞 争持续加剧，用户留存受到了影响。 同时，由于宏观经济的低迷，用户 ...

Core Viewpoint - The rise of a new top live-streaming host, "Abey姐," on Douyin, achieving nearly 200 million yuan in sales within a month, highlights the evolving landscape of live commerce and the potential for rapid success through innovative presentation and marketing strategies [2][4][5]. Sales Performance - "Abey姐" operates two accounts on Douyin, with her main account generating over 100 million yuan in sales from 24 live streams, while her secondary account achieved sales between 50 million to 75 million yuan in the same period [4][5]. - The total sales from both accounts in one month approached 200 million yuan, showcasing the effectiveness of her live-streaming approach without relying on short video promotions or a substantial fan base [5][6]. Marketing Strategy - "Abey姐" adopts a "female CEO" persona, characterized by fast speech, sharp logic, and a tight rhythm, creating a compelling narrative that resonates with viewers [5][10]. - Her marketing tactics include emphasizing direct sourcing and low prices, creating a sense of urgency and exclusivity in her sales pitches [5][9]. Industry Trends - The success of "Abey姐" reflects a broader trend in live commerce where hosts create dramatic narratives and personas to engage audiences, often using low-priced products to enhance the appeal [10][11]. - Previous successful hosts like "澳门COCO姐" and "路遥" have employed similar strategies, but their popularity has waned as the novelty of such performances diminishes [11][14]. Regulatory Environment - The live commerce industry is facing increased scrutiny from regulators, with new guidelines expected to enforce stricter oversight on product sourcing and host accountability [15][16]. - The shift from an "unregulated" to a "regulated" environment indicates that future success in live commerce will depend more on product quality and service rather than just performance and marketing gimmicks [15][16]. Future Outlook - The sustainability of "Abey姐's" model is questioned due to its heavy reliance on content packaging without a solid foundation in supply chain management or customer service [16][17]. - The industry may see a shift towards hosts who can provide genuine product quality and customer trust, moving away from purely entertainment-driven sales [16][17].

Core Insights - Douyu's Q1 2025 financial report shows total revenue of 947 million yuan, with significant improvements in gross profit and gross margin, indicating a positive performance trend [2] - The company has successfully reduced its reliance on live streaming as its primary business, focusing on diversifying revenue streams and enhancing operational efficiency [2][3] Revenue Breakdown - In Q1 2025, Douyu's live streaming revenue was 565 million yuan, accounting for 60% of total revenue, while the "innovation business, advertising, and other income" reached 383 million yuan, a 60.2% year-on-year increase, raising its revenue share from 24% in 2024 to 40% [3][4] - The growth in innovation business and advertising revenue is attributed to increased income from Douyu's gaming membership services and voice social business [3][4] User Engagement and Participation - The independent voice social service launched in Q1 generated 290 million yuan in revenue, with an average monthly active user count of 498,400 and 82,900 monthly paying users, enhancing user engagement and conversion rates [4] - Douyu's marketing strategies, including collaborations with major game developers and unique promotional events, have successfully increased user interaction and purchasing intent [3][4] Cost Management - Douyu's gross profit reached 114 million yuan, with a gross margin of 12%, reflecting a year-on-year increase of 4.1% and a significant 62.6% increase from the previous quarter, due to optimized copyright procurement and streamer compensation strategies [6][7] - The company is focusing on internal streamer development and ecosystem cultivation to control costs effectively, moving away from high-cost streamer signings and event rights procurement [6][7] Event Management Strategy - Douyu has adopted a "selected + self-produced" model to control costs, focusing on acquiring official event rights with higher ROI potential, such as for "Peace Elite" and "Honor of Kings" [7] - In Q1, Douyu broadcasted nearly 40 official large-scale events and produced over 20 self-made esports events, significantly boosting viewer engagement and platform revenue [7]