Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION For the fiscal year ended December 31, 2024. OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 WASHINGTON, D.C. 20549 OR FORM 20-F ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITI ...

Financial Data and Key Metrics Changes - Total net revenues decreased by 12.3% year-over-year in Q4 2024 to RMB 1.14 billion from RMB 1.3 billion in Q4 2023, primarily driven by a 28.4% decline in livestreaming revenues to RMB 0.73 billion [35] - Gross profit in Q4 2024 was RMB 69.8 million compared to RMB 126.2 million in Q4 2023, with a gross margin of 6.1% down from 9.7% [40][41] - Net loss for Q4 2024 was RMB 163.7 million compared to RMB 62.2 million in Q4 2023, with adjusted net loss at RMB 144.3 million compared to RMB 68.8 million [43] Business Line Data and Key Metrics Changes - Revenues from innovative business, advertising, and others increased by 63.6% year-over-year to RMB 1.2 billion for the full year of 2024, contributing 28% to total revenue [33][49] - The total number of paying users in Q4 was 3.3 million, with a quarterly ARPPU of RMB 246, reflecting an 11.5% year-over-year decline [16][36] Market Data and Key Metrics Changes - Mobile MAUs were 44.5 million, increasing 5.9% quarter-over-quarter but decreasing 13.9% year-over-year, attributed to evolving gaming video content dynamics [11] - The innovative business's contribution to total revenue reached 35.7% in Q4 2024, marking a significant milestone in revenue diversification [37] Company Strategy and Development Direction - The company plans to focus on cost reduction, efficiency improvement, and narrowing losses in 2025, emphasizing revenue resilience and monetization opportunities within its niche game ecosystem [22][23] - The strategy includes optimizing the cost structure, particularly content costs, and enhancing AI capabilities to drive efficiency [28][29] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the dual challenges of a soft macroeconomic landscape and intensified market competition, emphasizing the need for flexible operational strategies [7] - The company expects revenue from innovative business to remain on a healthy growth trajectory, contributing approximately 35% of total revenue in 2025 [55] Other Important Information - The company declared two special cash dividends totaling USD 600 million, reflecting its commitment to rewarding shareholders [10] - Cash and cash equivalents as of December 31, 2024, were RMB 4.47 billion, down from RMB 6.86 billion due to dividend distributions [44] Q&A Session Summary Question: What are the growth drivers for the new business entering 2025? - Management highlighted the voice-based social networking business and game membership program as key drivers, expecting to allocate more resources to these areas for revenue growth [50][55] Question: What is the plan for future cash usage? - The company maintains sufficient cash reserves to manage business fluctuations and support development initiatives, aiming to reduce net losses [56] Question: How should the long-term development strategy be interpreted? - The strategy involves reallocating resources from inefficient initiatives to high-value segments, focusing on improving margins and operational profitability [60][63] Question: What is the user and financial impact of tournament procurement and streamer strategic adjustments? - Management indicated a flexible approach to acquiring copyright content, prioritizing cost-effective tournaments and optimizing streamer resources to improve efficiency [68][74]

WUHAN, China, March 14, 2025 /PRNewswire/ -- DouYu International Holdings Limited ("DouYu" or the "Company") (Nasdaq: DOYU), a leading game-centric live streaming platform in China and a pioneer in the eSports value chain, today announced its unaudited financial results for the fourth quarter and the full year ended December 31, 2024.Fourth Quarter 2024 Financial and Operational Highlights Total net revenues in the fourth quarter of 2024 were RMB1,136.0 million (US$155.6 million), compared with RMB1,296.0 m ...

Core Viewpoint - DouYu International Holdings Limited plans to release its unaudited financial results for Q4 and the full year of 2024 on March 14, 2025, before the U.S. market opens [1] Group 1: Financial Results Announcement - The earnings release will be available on the Company's investor relations website [1] - A conference call will be held on March 14, 2025, at 7:00 a.m. Eastern Time to discuss the financial results [2] - The call can be accessed through various international and toll-free numbers, with a replay available until March 21, 2025 [2] Group 2: Company Overview - DouYu is a leading game-centric live streaming platform in China and a pioneer in the eSports value chain [3] - The platform operates on both PC and mobile apps, providing users with access to immersive gaming and entertainment livestreaming [3] - DouYu focuses on high-quality content production and a sustainable technology-based talent development system to enhance user experience [3]

WUHAN, China, Jan. 16, 2025 /PRNewswire/ -- DouYu International Holdings Limited ("DouYu" or the "Company") (Nasdaq: DOYU) a leading game-centric live streaming platform in China and a pioneer in the eSports value chain, today announced that the Company's board of directors appointed Ms. Simin Ren as the Company's Co-Chief Executive Officer ("Co-CEO") effective as of today, following the transition under the leadership of the interim management committee since November 2023. With this appointment, the inter ...

Financial Data and Key Metrics Changes - Total net revenues decreased by 21.8% year-over-year to RMB1.06 billion, but increased by 3% quarter-over-quarter, marking the first sequential growth in eight quarters [32] - Live streaming revenues fell by 34.7% year-over-year to RMB0.75 billion, primarily due to prolonged macroeconomic challenges and shifts in user spending behavior [32][33] - Gross profit for Q3 2024 was RMB60.8 million, down from RMB192.4 million in the same period of 2023, resulting in a gross margin of 5.7% compared to 14.2% a year earlier [37] Business Line Data and Key Metrics Changes - The number of paying users in Q3 was 3.4 million, with a quarterly ARPU of RMB237, reflecting a year-over-year decline of 22.5% [21][33] - Innovative business segment revenues increased by 49.4% year-over-year to RMB311 million, contributing 29.3% of total revenue, driven by VoIP-based social networking and game membership services [34] Market Data and Key Metrics Changes - Mobile MAUs decreased by 18.6% year-over-year to 42.1 million, attributed to increased competition from short video platforms [9] - The company experienced a notable drop in paying users' willingness to spend on live streaming virtual gifts due to macroeconomic sluggishness [48] Company Strategy and Development Direction - The company focused on maximizing its core competitive edge, enhancing commercialization capabilities, and diversifying revenue streams while optimizing resources to reduce expenses [7][30] - A commitment to maintaining investments in premium content while implementing cost-saving strategies was emphasized to navigate macroeconomic challenges [16][43] Management's Comments on Operating Environment and Future Outlook - Management acknowledged fierce market competition and a softer macroeconomic environment impacting traffic and revenue, particularly from low-frequency users [47][48] - The company aims to enhance user retention and operational efficiencies while exploring new growth opportunities through diverse marketing products related to game props [54][56] Other Important Information - Cash and cash equivalents as of September 30, 2024, were RMB4.38 billion, down from RMB6.86 billion at the end of 2023, primarily due to a special cash dividend distribution and share repurchase program [41] - The share repurchase program of up to $20 million was completed by the end of Q3 2024 [42] Q&A Session Summary Question: Future growth of live streaming business and strategic changes - Management highlighted challenges from market competition and macroeconomic conditions affecting traffic and revenue, with a focus on retaining core users and enhancing content offerings [46][47][50] Question: Strategy to optimize cost structure and streamer operations - Management discussed refining content cost control, adjusting streamer compensation frameworks, and enhancing operational efficiencies to maintain high-quality content while managing costs [58][60][66] Question: Gross profit margin outlook for 2024 and beyond - Management noted that the decline in gross margin was primarily due to decreased live streaming revenues and increased revenue sharing fees, with ongoing efforts to optimize content costs and improve financial performance over time [73][79] Question: Performance of Black Myth: Wukong on DouYu platform - Management reported that Black Myth: Wukong significantly boosted traffic on the platform, with 23% of streamers on launch day streaming the game, and detailed strategies for promoting and retaining users through diverse content operations [81][84][92]

Core Insights - The article emphasizes a long-term investment strategy with a focus on a 5-10 year horizon, advocating for a diversified portfolio that includes growth, value, and dividend-paying stocks [1]. Group 1 - The investment approach prioritizes value stocks over others, indicating a preference for undervalued opportunities in the market [1]. - The strategy includes occasional options trading, suggesting a willingness to engage in more complex investment strategies when appropriate [1].

Financial Performance - Total net revenues for Q3 2024 were RMB1,063.1 million (US$151.5 million), a decrease of 21.8% compared to RMB1,359.2 million in Q3 2023[6] - Livestreaming revenues decreased by 34.7% to RMB752.1 million (US$107.2 million) from RMB1,151.0 million in the same period of 2023[7] - Revenue from innovative business, advertising, and others increased by 49.4% to RMB311 million (US$44.3 million), accounting for 29.3% of total revenue, up from 15.3% in Q3 2023[8] - Total net revenues for the nine months ended September 30, 2024, were RMB 3,134,826, a decrease of 26.0% compared to RMB 4,234,443 for the same period in 2023[32] User Metrics - Average mobile MAUs in Q3 2024 were 42.1 million, down from 51.7 million in Q3 2023[5] - The number of quarterly average paying users was 3.4 million, compared to 3.9 million in the same period of 2023[5] Profitability and Loss - Adjusted net loss for Q3 2024 was RMB39.8 million (US$5.7 million), compared to adjusted net income of RMB71.9 million in Q3 2023[16] - Gross profit in Q3 2024 was RMB60.8 million (US$8.7 million), down from RMB192.4 million in Q3 2023, with a gross margin of 5.7% compared to 14.2%[12] - The company reported a net loss of RMB 49,169 for the three months ended September 30, 2024, compared to a net income of RMB 76,377 for the same period in 2023[32] - Basic net income per ordinary share for the three months ended September 30, 2024, was RMB 0.11, compared to RMB 2.39 for the same period in 2023[32] - The adjusted net income for the nine months ended September 30, 2023, was RMB 151,073, while for the same period in 2024, it was a net loss of RMB 171,035[35] Cash and Assets - Cash and cash equivalents as of September 30, 2024, were RMB4,383.6 million (US$624.7 million), down from RMB6,855.5 million as of December 31, 2023[18] - Cash and cash equivalents as of December 31, 2023, were RMB 4,440,131, a significant increase from RMB 2,013,065 as of September 30, 2024[30] - Total assets increased to RMB 8,072,103 as of December 31, 2023, compared to RMB 5,506,137 as of September 30, 2024[31] Liabilities and Equity - Total current liabilities rose to RMB 1,376,069 as of December 31, 2023, from RMB 1,213,223 as of September 30, 2024[30] - The company’s total shareholders' equity as of December 31, 2023, was RMB 6,689,333, compared to RMB 4,285,957 as of September 30, 2024[31] - The company’s accumulated deficit as of December 31, 2023, was RMB 3,485,007, compared to RMB 3,618,725 as of September 30, 2024[31] Operational Focus - The company continues to focus on diversifying revenue streams and optimizing operations to enhance financial resilience amid a challenging macroeconomic environment[3] Research and Development - Research and development expenses for the nine months ended September 30, 2024, were RMB 147,526, a decrease of 32.2% from RMB 217,863 for the same period in 2023[32] Share Repurchase - The company repurchased an aggregate of US$20 million of its ADSs under the share repurchase program as of September 30, 2024[19] Impairment and Fair Value Adjustments - The impairment losses and fair value adjustments on investments for the nine months ended September 30, 2023, amounted to RMB 28,161, while for the same period in 2024, it was a loss of RMB 43,299[35]

Financial Performance - Total net revenues for Q3 2024 decreased by 21.8% to RMB1,063.1 million (US$151.5 million) compared to RMB1,359.2 million in Q3 2023[4] - Gross profit in Q3 2024 was RMB60.8 million (US$8.7 million), down from RMB192.4 million in Q3 2023, resulting in a gross margin of 5.7% compared to 14.2% in the same period last year[10] - Adjusted net loss for Q3 2024 was RMB39.8 million (US$5.7 million), compared to adjusted net income of RMB71.9 million in Q3 2023[14] - Net loss for the three months ended September 30, 2024, was RMB 49,169, compared to a net income of RMB 76,377 for the same period in 2023[37] - The company reported a basic net income (loss) per ordinary share of RMB 0.11 for the three months ended September 30, 2024, compared to RMB 2.39 for the same period in 2023[37] Revenue Breakdown - Livestreaming revenues fell by 34.7% to RMB752.1 million (US$107.2 million) in Q3 2024, primarily due to a decline in the number of paying users and average revenue per paying user[5] - Revenue from innovative business, advertising, and other sources increased by 49.4% to RMB311 million (US$44.3 million), accounting for 29.3% of total revenue, up from 15.3% in Q3 2023[6] User Metrics - Average mobile MAUs in Q3 2024 were 42.1 million, down from 51.7 million in the same period of 2023[2] - The number of quarterly average paying users decreased to 3.4 million in Q3 2024 from 3.9 million in Q3 2023[2] Cost and Expenses - Cost of revenues decreased by 14.1% to RMB1,002.3 million (US$142.8 million) in Q3 2024 compared to RMB1,166.8 million in Q3 2023[7] - Revenue-sharing fees and content costs decreased by 6.2% to RMB869.6 million (US$123.9 million) in Q3 2024, reflecting improved controls in streamer payments[8] - Research and development expenses for the three months ended September 30, 2024, were RMB 43,243, a decrease of 42.0% from RMB 74,510 for the same period in 2023[37] Cash and Assets - Cash and cash equivalents as of September 30, 2024, totaled RMB4,383.6 million (US$624.7 million), down from RMB6,855.5 million as of December 31, 2023[16] - Total current assets as of September 30, 2024, were RMB 4,397,677, a decrease of 34.2% from RMB 6,685,428 as of December 31, 2023[31] - Cash and cash equivalents as of September 30, 2024, were RMB 2,013,065, a decrease of 54.8% from RMB 4,440,131 as of December 31, 2023[31] Shareholder Equity and Liabilities - Total liabilities as of September 30, 2024, were RMB 1,382,770, an increase of 13.5% from RMB 1,220,180 as of December 31, 2023[30] - Total shareholders' equity as of September 30, 2024, was RMB 6,689,333, an increase of 56.3% from RMB 4,285,957 as of December 31, 2023[34] Future Outlook - The company provided a future outlook with an adjusted net income of RMB 151,073 thousand projected for the nine months ended September 30, 2024[41]

Core Insights - DouYu International Holdings Limited reported a significant decline in financial performance for Q3 2024, with total net revenues decreasing by 21.8% year-over-year to RMB1,063.1 million (US$151.5 million) from RMB1,359.2 million in Q3 2023 [1][2] - The company experienced a substantial drop in gross profit, which fell to RMB60.8 million (US$8.7 million) from RMB192.4 million in the same period last year, resulting in a gross margin of 5.7% compared to 14.2% in Q3 2023 [1][2] - DouYu's net income also decreased sharply, reporting RMB3.4 million (US$0.5 million) compared to RMB76.4 million in Q3 2023, while adjusted net loss was RMB39.8 million (US$5.7 million) compared to adjusted net income of RMB71.9 million in the same period last year [1][2] Financial Performance - Total net revenues for Q3 2024 were RMB1,063.1 million (US$151.5 million), down from RMB1,359.2 million in Q3 2023, marking a 21.8% decrease [2] - Livestreaming revenues decreased by 34.7% to RMB752.1 million (US$107.2 million) from RMB1,151.0 million in Q3 2023, attributed to a decline in both the number of paying users and average revenue per paying user [2] - Innovative business, advertising, and other revenues increased by 49.4% to RMB311.0 million (US$44.3 million), accounting for 29.3% of total revenue, up from 15.3% in Q3 2023 [1][2] Cost Management - Cost of revenues decreased by 14.1% to RMB1,002.3 million (US$142.8 million) from RMB1,166.8 million in Q3 2023, with revenue-sharing fees and content costs down by 6.2% to RMB869.6 million (US$123.9 million) [2] - Bandwidth costs saw a significant reduction of 32.0% to RMB72.2 million (US$10.3 million) from RMB106.1 million in Q3 2023, primarily due to decreased peak bandwidth usage [2] - Sales and marketing expenses decreased by 11.9% to RMB79.3 million (US$11.3 million), while research and development expenses dropped by 42.0% to RMB43.2 million (US$6.2 million) [2] Strategic Initiatives - The interim management committee emphasized adapting operational strategies to enhance efficiency and maximize ROI while investing in streamer resources and new ventures [1] - The company aims to diversify revenue streams and has made progress in this area, with innovative business revenues showing significant growth [1][2] - DouYu continues to prioritize long-term growth and shareholder value amidst challenges in the macroeconomic environment and industry shifts [1]