NASDAQ$DOYU
Douyu -ADR · Q3 2025 earnings
Q3 2025 earnings · · Before market open · Investor relations
Briefing
DouYu returns to Q3 operating profit as gross margin nearly doubles on cost discipline
DouYu International reported unaudited Q3 2025 results with total net revenues of RMB899.1 million (US$126.3 million), down from RMB1,063.1 million a year ago as live streaming revenue declined amid fewer promotions and a softer operating environment. Gross profit rose 90.9% to RMB116.1 million and gross margin expanded sharply as the company optimized content and bandwidth costs. Income from operations turned positive at RMB11.9 million versus a RMB94.2 million operating loss in Q3 2024. Net income was RMB11.3 million (+232.8% YoY) and adjusted net income (non-GAAP) was RMB23.1 million versus an adjusted net loss of RMB39.8 million last year. Voice-based social networking revenue reached RMB275.9 million while innovative business, advertising and other revenues grew 21%. Average mobile MAUs were 30.2 million and quarterly average paying users for live streaming were 2.6 million.
- Q3 net revenues were RMB899.1 million (-15.4% YoY); live streaming revenue fell 30% on reduced promotional activity.
- Gross profit rose 90.9% to RMB116.1 million; income from operations turned positive at RMB11.9 million.
- Net income was RMB11.3 million; adjusted net income (non-GAAP) was RMB23.1 million versus a RMB39.8 million loss last year.
- Voice-based social networking revenue reached RMB275.9 million; innovative/advertising revenues grew 21%.
- Average mobile MAUs were 30.2 million; live streaming quarterly average paying users were 2.6 million.
Headline financials
Revenue & EPS history
Douyu · Revenue · Quarterly
¥899M
Revenue by segment
Douyu · ¥1.19B total across 3 segments · Q4 2025
- Livestreaming¥513M—43.1%
- Innovative business, advertising and other¥406M—34.1%
- Voice-based social networking (within innovative/advertising line)¥271M—22.8%
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q3 2025
-0.5%
Avg return
Earnings day
-0.8%
Avg return
5 days after
+4.6%
Avg return
30 days after
28%
8 / 29 earnings
Positive
+39.4%
Q4 2021
Best reaction
-18.0%
Q2 2019
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +0.0% | +7.3% | — | |
| Q4 2025 | +0.0% | +3.3% | +10.2% | |
| Q3 2025 | -5.0% | +1.7% | +1.3% | |
| Q2 2025 | +13.4% | +14.6% | +7.8% | |
| Q1 2025 | -1.3% | -3.9% | -6.9% | |
| Q4 2024 | +10.4% | +6.2% | -24.0% | |
| Q3 2024 | -1.7% | +0.6% | +16.3% | |
| Q2 2024 | -11.8% | -9.7% | +9.1% | |
| Q4 2023 | -11.3% | -16.5% | +7.0% | |
| Q3 2023 | +10.2% | +5.3% | +26.7% | |
| Q2 2023 | -1.0% | -5.6% | -5.0% | |
| Q1 2023 | +3.0% | +6.0% | +11.0% | |
| Q4 2022 | -1.7% | -5.1% | -5.1% | |
| Q3 2022 | -12.9% | -12.9% | +11.4% | |
| Q2 2022 | +0.8% | +2.4% | +14.4% | |
| Q1 2022 | -4.6% | -13.2% | -19.7% | |
| Q4 2021 | +39.4% | +56.3% | +41.5% | |
| Q3 2021 | -15.9% | -18.3% | -33.2% | |
| Q2 2021 | -0.9% | -4.6% | +0.6% | |
| Q1 2021 | -0.9% | -6.5% | +0.3% | |
| Q4 2020 | -11.1% | -19.4% | -23.7% | |
| Q3 2020 | +3.5% | +3.8% | -14.0% | |
| Q2 2020 | -5.5% | -4.1% | +5.2% | |
| Q1 2020 | +17.7% | +30.2% | +60.6% | |
| Q4 2017 | -1.1% | -7.4% | +18.9% | |
| Q4 2018 | -1.1% | -7.4% | +18.9% | |
| Q4 2019 | -6.2% | -13.5% | -2.5% | |
| Q3 2019 | -2.5% | -1.8% | +6.5% | |
| Q2 2019 | -18.0% | -12.4% | -5.4% | |
| Q3 2018 | — | — | — | |
| Q2 2018 | — | — | — | |
| Q1 2018 | — | — | — |
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