Douyu Quarterly Report Infographic: Revenue of 900 million, down 19% year-over-year; Adjusted net profit of 12.6 million

Ask AI · How can cost control help Douyu achieve a quarterly profit reversal?

Leidi Network, Lei Jianping, March 26

Douyu (Nasdaq: DOYU) recently released its annual and fourth quarter financial report for the period ending December 31, 2025. The report shows that Douyu’s revenue for 2025 was 3.819 billion yuan (approximately $546 million), a decrease of 10.58% compared to 4.271 billion yuan in the same period last year.

Douyu’s gross profit for 2025 was 490 million yuan, with an adjusted net profit of 40.2 million yuan.

Douyu Q4 revenue 919 million, down 19% year-on-year

Douyu’s revenue for the fourth quarter of 2025 was 919 million yuan (approximately $131 million), a decrease of 19.1% compared to 1.136 billion yuan in the same period last year.

Douyu’s live-streaming revenue for the fourth quarter of 2025 was 513 million yuan (approximately $73.4 million), a decrease of 29.8% from 731 million yuan in the same period last year, mainly due to a decline in the total number of paying users and average revenue per paying user.

Douyu’s revenue from innovative businesses, advertising, and other income in the fourth quarter of 2025 was 405.8 million yuan ($58 million), an increase of 0.2% compared to 405 million yuan in the same period last year, mainly due to increased revenue from voice-based social networking services and seasonal fluctuations in game membership income.

Douyu Q4 costs 800 million, down 25% year-on-year

Douyu’s costs for the fourth quarter of 2025 were 800 million yuan, a decrease of 25% compared to 1.066 billion yuan in the same period last year.

Douyu Q4 gross profit 116 million, gross margin 13%

Douyu’s gross profit for the fourth quarter of 2025 was 116 million yuan, with a gross margin of 13%.

Douyu’s sales and marketing expenses for the fourth quarter of 2025 were 47.6 million yuan, down 40% from 79.3 million yuan in the same period last year; research and development expenses were 33.8 million yuan, and management expenses were 26.8 million yuan, compared to 71.7 million yuan in the same period last year, mainly due to one-time employee severance costs and a reduction in employee-related expenses.

Douyu Q4 operating profit 4.72 billion, operating profit margin 1%

Douyu’s operating profit for the fourth quarter of 2025 was 4.72 billion yuan, with an operating profit margin of 1%.

Douyu Q4 net profit 1.37 million, previous year had losses

Douyu’s net profit for the fourth quarter of 2025 was 1.4 million yuan, compared to a net loss of 173 million yuan in the same period last year; the adjusted net profit was 12.6 million yuan, compared to an adjusted net loss of 78.2 million yuan in the same period last year.

As of December 31, 2025, Douyu’s total assets were 3.12 billion yuan (approximately $446 million), down from 5.446 billion yuan in the same period last year; of this, as of December 31, 2025, Douyu’s current assets were 2.632 billion yuan, and Douyu’s current liabilities were 1.133 billion yuan (approximately $162 million).

As of December 31, 2025, Douyu’s shareholders’ equity was 1.987 billion yuan (approximately $284 million), down from 4.21 billion yuan in the same period last year.

As of December 31, 2025, Douyu held cash and cash equivalents, restricted cash, restricted cash in other non-current assets, as well as short-term and long-term bank deposits totaling 22.837 billion yuan ($326.6 million), down from 44.678 billion yuan as of December 30, 2024, mainly due to a special cash dividend of $300 million.

As of today’s close, Douyu’s stock price was $4.77, with a market capitalization of $144 million.

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