通过持续有效地进行创新业务布局和推进成本效益举措，斗鱼在今年二季度正式扭亏为盈。 8月18日，斗鱼发布最新一期财报显示，2025年第二季度，斗鱼实现总收入10.54亿元人民币（下同）， 同比增长2.1%，保持了稳健增长态势；毛利润1.42亿元，同比增长68.5%；毛利率提升至13.5%。 期内，斗鱼在稳健推进直播业务运行，期内实现营收5.78亿元，并一定程度减少了低投资回报率的运营 活动和内容。 第二季度斗鱼直播相关业务的移动平均月活跃用户数为3640万；直播相关业务的季度平均付费用户数为 280万，季度每付费用户平均收益为255元。 斗鱼的运营成本主要由两个方面构成：内容成本和带宽成本。其中内容成本是其运营成本的核心来源， 公司已经将其从2024年同期的8.03亿元降至7.27亿元，降幅9.5%。带宽成本则从2024年同期的7960万元 降至期内的4860万元，降幅38.9%。 本季度公司实现净利润3783万元，调整后净利润为2528万元。相比于去年同期净亏损约4920万元，今年 公司净利润同比大增176.83%。 斗鱼联席CEO任思敏表示："在不断变化的宏观形势和行业竞争中，我们始终致力于收入多元化和提升 ...

文｜雷递网 雷建平 斗鱼(Nasdaq: DOYU)昨日发布2025年第二季度未经审计财务报告。财报显示，斗鱼2025年上半年营收为20亿元（约2.79亿美元）， 上年同期的营收为20.72亿元。 斗鱼2025年上半年运营亏损为1190万元，上年同期的运营亏损为2.87亿元；净亏损为4178万元，上年同期的净亏损为1.37亿元。 斗鱼联席CEO任思敏表示："在二季度中，我们稳健推进直播业务运营，持续提升创新业务的商业化能力。受季节性运营活动拉 动，2025年第二季度创新业务、广告和其他收入环比增长24.5%。未来，在多变的宏观环境中，我们将继续优化用户体验和运营效 率。" 斗鱼2025年第二季度移动端MAU为3640万，付费用户数达280万，平均ARPPU为255元。 斗鱼Q2成本9.12亿，同比降3.8% 斗鱼Q2营收10.54亿，时隔13个季度再次正增长 斗鱼2025年第二季度营收为10.54亿元，较上年同期的1.03亿元增长2%，这是斗鱼时隔13个季度后首次实现营收的正增长。 斗鱼2025年第二季度直播收入为5.778亿元（约8070万美元），较2024年同期的7.901亿元下降26.9%。下降的主要原 ...

Core Viewpoint - Douyu, once a leading game live-streaming company, is facing significant challenges as its primary revenue source has been declining for 13 consecutive quarters, leading to concerns about its sustainability and future prospects [1][3][23]. Group 1: Revenue Decline - Douyu's revenue has decreased from 71.08 million yuan in 2022 to 42.71 million yuan in 2024, reflecting a year-on-year decline of 22.44%, 22.2%, and 22.78% respectively [3]. - In Q1 2024, Douyu's revenue further dropped to 94.7 million yuan, a year-on-year decline of 8.91%, with live-streaming revenue falling 29.5% to 56.5 million yuan compared to the same period in 2024 [3]. - The decline in live-streaming revenue is attributed to a decrease in both the total number of paying users and the average spending per paying user [3]. Group 2: Cost-Cutting Measures - Douyu has reduced its workforce from 2,155 employees at the end of 2021 to 819 by the end of 2024, representing a reduction of over 60% in just three years [6]. - The company has also implemented cost-cutting measures, with R&D expenses dropping by 39.5% to 32.7 million yuan in Q1 2025, while sales expenses decreased by 3.5% to 72.9 million yuan [14]. Group 3: Controversial Dividends - Douyu has made unexpected dividend payments totaling 6 billion USD (approximately 4.3 billion yuan) within six months, raising concerns about depleting its financial resources [2][9]. - The first dividend payment of 3 billion USD was approved in July 2024, with a second similar payment announced in January 2025, coinciding with the appointment of the new co-CEO [9][10]. - Despite the substantial dividends, Douyu's profitability has been poor, with only two profitable years since 2020, and a total net profit of less than 500 million yuan, which is significantly lower than the dividend payouts [10][14]. Group 4: Content Quality Issues - Douyu has been criticized for allowing low-quality and borderline content to proliferate on its platform, with reports of inappropriate behavior from some streamers [15][19]. - The platform has issued announcements to combat lowbrow and pornographic content but has been accused of using euphemisms to circumvent regulations, leading to a stark contrast between stated policies and actual practices [21][22]. Group 5: Leadership Challenges - The arrest of former CEO Chen Shaojie for gambling-related charges has led to instability within the company, with several prominent streamers also implicated in gambling scandals [23][24]. - The new co-CEO, Ren Simin, aged 29, faces skepticism regarding her ability to lead a large public company, especially during a challenging period for Douyu [23][24].