Core Viewpoint - Douyu's Q3 2025 financial report shows steady growth with significant improvements in profitability, driven by strategic upgrades and enhanced operational efficiency in the gaming industry [1][5]. Financial Performance - Q3 revenue reached 899 million yuan, with a gross profit of 116 million yuan, representing a year-on-year increase of 90.9% and a gross margin of 12.9% [1]. - Net profit was 11.33 million yuan, up 232.8% year-on-year, while adjusted net profit turned positive at 23.14 million yuan [1]. Business Strategy - Douyu's strategy focuses on enhancing the value chain and exploring commercialization opportunities, leading to improved profitability across various metrics [1][4]. - The company has deepened its involvement in the gaming industry, transitioning from a live streaming platform to a "full-chain partner" in gaming growth [4]. Revenue Streams - Innovative business, advertising, and other revenues totaled 377 million yuan, marking a 21.2% year-on-year growth, primarily driven by the increase in voice social service revenue [2]. - The average monthly active users for voice social services reached 368,600, with 71,700 monthly paying users [2]. Content and User Engagement - Douyu has expanded its content offerings, broadcasting over 60 official esports events and launching more than 30 self-produced events in Q3 [6][13]. - The platform has optimized resource allocation for different game types, enhancing user engagement and operational efficiency [3][15]. Industry Positioning - In a competitive landscape, Douyu has repositioned itself to achieve differentiated competition, leveraging its content advantages to enhance user experience [5][20]. - The company is actively collaborating with game developers to create promotional events and enhance user interaction, thereby strengthening its market position [4][15].

围绕已形成规模效应的头部产品，斗鱼基于产品自身重要节点，结合运营活动策划与主播影响力，集中 资源挖掘商业化潜能。王者荣耀主播联赛S2集结全网头部主播组队，赛事期间斗鱼站内观赛PV累计超 9000万，斗鱼主播超前购带货活动实现游戏皮肤百万级售卖。 此外，斗鱼还针对《使命召唤：黑色活动7》《燕云十六声》等多款产品的上线及版本更新推出了一系 列直播运营活动，为产品推广和市场拓展提供了有力支撑，充分发挥了斗鱼作为游戏厂商重要营销阵地 的关键功能。未来，斗鱼将继续挖掘游戏产业链上下游的商业机会，推动公司长期可持续发展。 与此同时，公司创新业务、广告及其他收入继续展现收入韧性，收入同比增长21.2%至3.77亿元。其 中，语音业务收入2.76亿元，季度平均月度活跃用户为36.86万，月平均付费用户为7.17万。斗鱼重点优 化了创新业务的资源配置效率，在维护社区生态的同时提高了产品盈利能力，有效推动增长引擎持续发 力，实现了本季度盈利企稳的预期目标。 在用户体验上，斗鱼通过AI赋能升级产品端功能，全新上线直播AI弹幕助手，深度学习斗鱼弹幕社区 特有的语言风格，并对直播间画面与弹幕内容进行实时解析，智能生成情景强关联的趣味弹 ...

财报显示，第三季度，斗鱼延续"以游戏为核心的多元化内容生态平台"战略，着重提升平台重点游戏品 类的运营效率，深入挖掘以直播为载体的内容形式的多元商业价值，公司盈利指标成功实现阶段性突 破。该季度，斗鱼毛利润同比增长90.9%至1.16亿元，净利润同比增长232.8%至1133万元，调整后净利 润为2314万元，同比扭亏，利润端整体呈现业绩向好态势。与此同时，公司创新业务、广告及其他收入 继续展现收入韧性，收入同比增长21.2%至3.77亿元。其中，语音业务收入2.76亿元，季度平均月度活 跃用户为36.86万，月平均付费用户为7.17万。此外，与游戏厂商的合作形式也更为多样化，先后推出 KPL斗鱼主题周、斗鱼和平小店等活动。在用户体验上，则通过AI赋能升级产品端功能，全新上线直播 AI弹幕助手。 来源：滚动播报 （来源：文旅中国） 11月20日，游戏直播平台斗鱼国际控股有限公司发布2025年第三季度未经审计财务报告。财报显示，斗 鱼第三季度总收入8.99亿元，整体盈利能力持续向好，毛利润达1.16亿元，同比增长90.9%，毛利率为 12.9%，净利润为1133万元，同比提升232.8%，调整后净利润为2314 ...