NASDAQ$DOYU
Douyu -ADR · Q4 2025 earnings
Q4 2025 earnings · · Before market open · Investor relations
Briefing
DouYu returns to Q4 profit on 69% gross profit jump as cost cuts offset live-stream decline
DouYu International reported unaudited Q4 and full-year 2025 results. Fourth-quarter total net revenues decreased 19.1% to RMB918.8 million (US$131.4 million) as live streaming revenue fell 29.8% to RMB513.0 million amid fewer promotions and softer consumer spending. Gross profit rose 69.1% to RMB118.0 million and gross margin expanded to 12.8% from 6.1%, driven by lower content and bandwidth costs. The company posted Q4 income from operations of RMB4.7 million versus a RMB192.9 million operating loss a year ago, and net income of RMB1.4 million versus a RMB173.1 million net loss. Adjusted net income (non-GAAP) was RMB12.6 million. Innovative business, advertising and other revenues were roughly flat at RMB405.8 million while voice-based social revenue reached RMB271.0 million. Full-year 2025 net revenues were RMB3.82 billion with adjusted net income of RMB40.2 million.
- Q4 net revenues were RMB918.8 million (-19.1% YoY); live streaming revenue fell 29.8% to RMB513.0 million.
- Q4 gross profit rose 69.1% to RMB118.0 million; gross margin improved to 12.8% from 6.1% on cost optimization.
- Q4 net income was RMB1.4 million versus a RMB173.1 million loss; adjusted net income was RMB12.6 million.
- Average mobile MAUs were 27.6 million; quarterly average paying users for live streaming were 2.6 million with ARPPU of RMB230.
- Full-year 2025 adjusted net income turned positive at RMB40.2 million; cash and deposits totaled RMB2.28 billion after a US$300M special dividend.
Headline financials
Revenue & EPS history
Douyu · Revenue · Quarterly
¥919M
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 Q4 2025
-0.6%
Avg return
Earnings day
-1.1%
Avg return
5 days after
+4.6%
Avg return
30 days after
29%
8 / 28 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 | — | — | — | |
| 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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