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DouYu(DOYU) - 2024 Q3 - Quarterly Results
DOYUDouYu(DOYU)2024-11-20 09:38

Financial Performance - Total net revenues for Q3 2024 decreased by 21.8% to RMB1,063.1 million (US151.5million)comparedtoRMB1,359.2millioninQ32023[4]−GrossprofitinQ32024wasRMB60.8million(US151.5 million) compared to RMB1,359.2 million in Q3 2023[4] - Gross profit in Q3 2024 was RMB60.8 million (US8.7 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 (US5.7million),comparedtoadjustednetincomeofRMB71.9millioninQ32023[14]−NetlossforthethreemonthsendedSeptember30,2024,wasRMB49,169,comparedtoanetincomeofRMB76,377forthesameperiodin2023[37]−Thecompanyreportedabasicnetincome(loss)perordinaryshareofRMB0.11forthethreemonthsendedSeptember30,2024,comparedtoRMB2.39forthesameperiodin2023[37]RevenueBreakdown−Livestreamingrevenuesfellby34.75.7 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 (US107.2 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 (US44.3million),accountingfor29.344.3 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 (US142.8 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 (US123.9million)inQ32024,reflectingimprovedcontrolsinstreamerpayments[8]−ResearchanddevelopmentexpensesforthethreemonthsendedSeptember30,2024,wereRMB43,243,adecreaseof42.0123.9 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 (US624.7 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]