# EDGAR Filing Document

**Accession Number:** 0001762417
**File Stem:** 0001104659-25-114303
**Filing Date:** 2025-11
**Character Count:** 33714
**Document Hash:** 46e42e2fe826d7e84b69097c7d8bdc61
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-114303.hdr.sgml**: 20251120

**ACCESSION NUMBER**: 0001104659-25-114303

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20251120

**FILED AS OF DATE**: 20251120

**DATE AS OF CHANGE**: 20251120

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DouYu International Holdings Ltd
- **CENTRAL INDEX KEY:** 0001762417
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-COMPUTER PROGRAMMING, DATA PROCESSING, ETC. [7370]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38967
- **FILM NUMBER:** 251500904

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 20/F,BUILDING A, NEW DEV, INTER.CTR.
- **STREET 2:** NO.473 GUANSHAN AVENUE DISTRICT
- **CITY:** WUHAN CITY, HUBEI PROVINCE
- **PROVINCE COUNTRY:** F4
- **ZIP:** 430073
- **BUSINESS PHONE:** 86 27 8787 8301

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 20/F,BUILDING A, NEW DEV, INTER.CTR.
- **STREET 2:** NO.473 GUANSHAN AVENUE DISTRICT
- **CITY:** WUHAN CITY, HUBEI PROVINCE
- **PROVINCE COUNTRY:** F4
- **ZIP:** 430073

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM 6-K**

**REPORT OF FOREIGN ISSUER<br> PURSUANT TO RULE 13a-16 OR 15d-16 OF<br> THE SECURITIES EXCHANGE ACT OF 1934**

**For the month of** **November 2025**

**Commission file number: 001-38967**

**DouYu International Holdings Limited**

(Exact Name of Registrant as Specified in Its Charter)

**20/F, Building A, New Development International Center,<br> No. 473 Guanshan Avenue,<br> Hongshan District, Wuhan, Hubei Province<br> The People's Republic of China**

(Address of Principal Executive Offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ⌧ Form 40-F ◻

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| [99.1](tm2531690d1_ex99-1.htm) | [Press Release](tm2531690d1_ex99-1.htm) |

---

**Signature**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | DOUYU INTERNATIONAL HOLDINGS LIMITED | DOUYU INTERNATIONAL HOLDINGS LIMITED | DOUYU INTERNATIONAL HOLDINGS LIMITED |
| Date: | November 20, 2025 | By: | /s/ Simin Ren | /s/ Simin Ren |
|  |  |  | Name: | Simin Ren |
|  |  |  | Title: | Co-Chief Executive Officer, Director |

---

## Exhibit 99.1

**Exhibit 99.1**

![](tm2531690d1_ex99-1img001.jpg)

------

**DouYu International Holdings Limited Reports Third Quarter**

**2025 Unaudited Financial Results**

WUHAN, China, Nov. 20, 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 third quarter ended September 30, 2025.

**Third Quarter 2025 Financial Highlights**

· Total
 net revenues in the third quarter of 2025 were RMB899.1 million (US$126.3 million), compared
 with RMB1,063.1 million in the same period of 2024.

· Gross
 profit in the third quarter of 2025 was RMB116.1 million (US$16.3 million), an increase of
 90.9% from RMB60.8 million in the same period of 2024.

· Income
 from operations in the third quarter of 2025 was RMB11.9 million (US$1.7 million), compared
 with a loss from operations of RMB94.2 million in the same period of 2024.

· Net
 income in the third quarter of 2025 was RMB11.3 million (US$1.6 million), an increase of
 232.8% from RMB3.4 million in the same period of 2024.

· Adjusted
 net income (non-GAAP) <sup>1</sup> in the third quarter of 2025 was RMB23.1 million (US$3.3 million), compared with an adjusted
 net loss (non-GAAP) of RMB39.8 million in the same period of 2024.

Ms. Simin Ren, Co-Chief Executive Officer of DouYu, commented, "In the third quarter of 2025, we refined our strategy amid shifting market dynamics and user demand, placing greater focus on value chain integration and synergy. We further optimized our operational model and strategies to enhance our agility and responsiveness, allowing us to meet the players' needs and capture business opportunities more effectively. During the quarter, we continued to upgrade our content and products ecosystem by enriching select premium offerings, such as e-sports tournaments, and launching AI-powered bullet comment features that make it easier for our users to enjoy our premium content and engage with our vibrant communities. Meanwhile, our profitability continued to improve, with gross profit and net income both achieving year-over-year growth while income from operations returning to positive territory in the third quarter. In an increasingly complex and fast-changing environment, we are shoring up our foundational strengths and remain committed to delivering long-term value to our users and shareholders."

Mr. Hao Cao, Vice President of DouYu, commented, "Our third quarter 2025 results demonstrate our ongoing resilience and improving profitability. During the quarter, our income from operations reached RMB11.9 million, and GAAP net income grew 232.8% year over year to RMB11.3 million. In addition, our adjusted net income (non-GAAP) was RMB23.1 million, compared with a loss in the same period last year. By continuing to enhance our content supply and further refining our operating model, we have steadily improved our operational efficiency and optimized costs and expenses. These results reflect our growing sustainable development capabilities. Looking ahead, as the market conditions remain challenging, we will continue to focus on further optimizing our resource allocation, enhancing operational efficiency, and bolstering financial resilience to create long-term value."

<sup>1</sup>"Adjusted net income (non-GAAP)" is defined as net income excluding share of loss (income) in equity method investments and impairment losses and fair value adjustments on investments. For more information, please refer to "Use of Non-GAAP Financial Measures" and "Reconciliations of GAAP and Non-GAAP Results" at the end of this press release.

![](tm2531690d1_ex99-1img001.jpg)

------

**Third Quarter 2025 Operational Highlights**

· In
the third quarter, average mobile MAUs <sup>2</sup> were 30.5 million,
down 27.5% year over year from 42.1 million in the same period of 2024. The decline was mainly due to the lagging effects of our content
supply adjustments and cost-structure optimization, which led to lower user engagement and activity.

· In
the third quarter, the number of quarterly average paying users <sup>3</sup> for livestreaming-related business was 2.7 million with a quarterly ARPPU of RMB205. Compared with 2.8 million paying users in the second
quarter, the slight sequential decrease in paying users was mainly attributable to reduced consumer spending amid the prevailing macroeconomic
environment as well as fewer promotional activities resulting from adjustments in our platform's operational strategy and seasonal
factors during the quarter.

· In
 the third quarter, revenues from our voice-based social networking business reached RMB275.9
 million. Our average MAUs for the voice-based social networking business for the third quarter
 were 368,600, with monthly average paying users <sup>4</sup> of 71,700. During the quarter, we focused on optimizing the traffic distribution mechanism
 and resource allocation efficiency for this business. These efforts enhanced the business's
 profitability while maintaining a healthy community ecosystem.

**Third Quarter 2025 Financial Results**

**Total net revenues** in the third quarter of 2025 were RMB899.1 million (US$126.3 million), compared with RMB1,063.1 million in the same period of 2024.

*Livestreaming revenues* in the third quarter of 2025 decreased by 30.6% to RMB522.1 million (US$73.3 million) from RMB752.1 million in the same period of 2024. The decrease was primarily due to decreases in both the number of total paying users and average revenue per paying user, as a result of fewer promotional activities in the quarter and continued moderation in the operating environment.

*Innovative business, advertising and other revenues (formerly known as advertising and other revenues)* in the third quarter of 2025 increased by 21.2% to RMB377.0 million (US$53.0 million) from RMB311.0 million in the same period of 2024.The increase was attributed to higher revenues from our voice-based social networking service, driven by the year-over-year growth of both paying users and ARPPU of the service.

**Cost of revenues** in the third quarter of 2025 decreased by 21.9% to RMB783.0 million (US$110.0 million) from RMB1,002.3 million in the same period of 2024.

*Revenue-sharing fees and content costs* in the third quarter of 2025 decreased by 20.7% to RMB689.8 million (US$96.9 million) from RMB869.6 million in the same period of 2024, primarily driven by a significant reduction in content costs as part of our cost optimization efforts, and a decrease in revenue-sharing fees due to lower livestreaming revenues. The decrease was partially offset by increased revenue-sharing fees related to revenue growth in our voice-based social networking service.

<sup>2</sup> "MAUs" refers to the number of active mobile users (exclusive of innovative business unless the context otherwise indicates) in a given period. Average mobile MAUs for a given period is calculated by dividing (i) the sum of active mobile users for each month of such period, by (ii) the number of months in such period.

<sup>3</sup> "Quarterly average paying users" refers to the average paying users for each quarter during a given period of time calculated by dividing (i) the sum of paying users for each quarter of such period, by (ii) the number of quarters in such period. "Paying user" refers to a registered user that has purchased virtual gifts on our platform at least once during the relevant period.

<sup>4</sup> "Monthly average paying users" refers to the monthly average number of paying users during a given period of time calculated by dividing (i) the sum of paying users in each month of such period, by (ii) the number of months in such period. "Paying user" refers to a registered user that has purchased virtual gifts on our platform at least once during the relevant period.

![](tm2531690d1_ex99-1img001.jpg)

------

*Bandwidth costs* in the third quarter of 2025 decreased by 34.2 % to RMB47.5 million (US$6.7 million) from RMB72.2 million in the same period of 2024, primarily attributable to our bandwidth allocation advancement and a year-over-year decrease in peak bandwidth usage.

**Gross profit** in the third quarter of 2025 increased by 90.9% to RMB116.1 million (US$16.3 million) from RMB60.8 million in the same period of 2024, primarily driven by a decline in our content costs and bandwidth costs. Gross margin in the third quarter of 2025 was 12.9%, increasing from 5.7% in the same period of 2024.

**Sales and marketing expenses** in the third quarter of 2025 decreased by 34.0% to RMB52.3 million (US$7.4 million) from RMB79.3 million in the same period of 2024, primarily attributable to reductions in staff-related expenses.

**Research and development expenses** in the third quarter of 2025 decreased by 37.8% to RMB26.9 million (US$3.8 million) from RMB43.2 million in the same period of 2024, primarily attributable to a decrease in staff-related expenses.

**General and administrative expenses** in the third quarter of 2025 decreased by 14.9% to RMB35.3million (US$5.0 million) from RMB41.5 million in the same period of 2024, primarily attributable to reductions in staff-related expenses and professional fees.

**Income from operations** in the third quarter of 2025 was RMB11.9 million (US$1.7 million), compared with a loss from operations of RMB94.2 million in the same period of 2024.

**Net income** in the third quarter of 2025 was RMB11.3 million (US$1.6 million), compared with RMB3.4 million in the same period of 2024, representing an improvement of 232.8% year-over-year.

**Adjusted net income (non-GAAP)**, which is calculated as net income excluding share of loss in equity method investments and impairment losses and fair value adjustments on investments, was RMB23.1 million (US$3.3 million) in the third quarter of 2025, compared with an adjusted net loss (non-GAAP) of RMB39.8 million in the same period of 2024.

**Basic and diluted net** **income per ADS<sup>5</sup>** in the third quarter of 2025 were both RMB0.38 (US$0.05).

**Adjusted basic and diluted net** **income per ADS (non-GAAP)** in the third quarter of 2025 were both RMB0.77 (US$0.11).

**Cash and cash equivalents, restricted cash and bank deposits**

As of September 30, 2025, the Company had cash and cash equivalents, restricted cash, restricted cash in other non-current assets, and short-term and long-term bank deposits of RMB2,221.6 million (US$312.1 million), compared with RMB4,467.8 million as of December 31, 2024. The decrease was primarily due to a special cash dividend distribution of US$300 million in February 2025.

<sup>5</sup> Each ADS represents one ordinary share for the relevant period and calendar year.

![](tm2531690d1_ex99-1img001.jpg)

------

**About DouYu International Holdings Limited**

Headquartered in Wuhan, China, DouYu International Holdings Limited (Nasdaq: DOYU) is a leading game-centric live streaming platform in China and a pioneer in the eSports value chain. DouYu operates its platform on both PC and mobile apps to bring users access to immersive and interactive games and entertainment livestreaming, a wide array of video and graphic content, as well as opportunities to participate in community events and discussions. By nurturing a sustainable technology-based talent development system and relentlessly producing high-quality content, DouYu consistently delivers premium content through the integration of livestreaming, video, graphics, and virtual communities with a primary focus on games. This enables DouYu to continuously enhance its user experience and pursue long-term healthy development. For more information, please see <u>http://ir.douyu.com.</u>

**Use of Non-GAAP Financial Measures**

Adjusted net (loss) income is calculated as net income (loss) adjusted for share of loss (income) in equity method investments and impairment losses and fair value adjustments on investments. Adjusted net (loss) income attributable to DouYu is calculated as net income (loss) attributable to DouYu adjusted for share of loss (income) in equity method investments and impairment losses and fair value adjustments on investments. Adjusted basic and diluted net (loss) income per ordinary share is non-GAAP net (loss) income attributable to ordinary shareholders divided by the weighted average number of ordinary shares used in the calculation of non-GAAP basic and diluted net (loss) income per ordinary share. The Company adjusted the impact of (i) share of loss (income) in equity method investments, and (ii) impairment losses and fair value adjustments on investments to understand and evaluate the Company's core operating performance. The non-GAAP financial measures are presented to enhance investors' overall understanding of the Company's financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with U.S. GAAP. Investors are encouraged to review the reconciliation of the historical non-GAAP financial measures to their most directly comparable GAAP financial measures. As non-GAAP financial measures have material limitations as analytical metrics and may not be calculated in the same manner by all companies, they may not be comparable to other similarly titled measures used by other companies. In light of the foregoing limitations, you should not consider non-GAAP financial measures as a substitute for, or superior to, such metrics in accordance with U.S. GAAP.

For more information on these non-GAAP financial measures, please see the table captioned "Reconciliations of GAAP and Non-GAAP Results" near the end of this release.

**Exchange Rate Information**

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB7.1190 to US$1.00, the noon buying rate in effect on September 30, 2025, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB amounts could have been, or could be, converted, realized, or settled in U.S. dollars, at that rate on September 30, 2025, or at any other rate.

**Safe Harbor Statement**

This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-

![](tm2531690d1_ex99-1img001.jpg)

------

looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company's results of operations and financial condition; the Company's business strategies and plans; general market conditions, in particular, the game live streaming market; the ability of the Company to retain and grow active and paying users; changes in general economic and business conditions in China; any adverse changes in laws, regulations, rules, policies or guidelines applicable to the Company; and assumptions underlying or related to any of the foregoing. In some cases, forward-looking statements can be identified by words or phrases such as "may," "will," "expect," "anticipate," "target," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law.

**Investor Relations Contact**

In China:

Chenyang Yan DouYu International Holdings Limited Email: ir@douyu.tv Tel: +86 (10) 6508-0677 Andrea Guo Piacente Financial Communications Email: douyu@tpg-ir.com Tel: +86 (10) 6508-0677

In the United States:

Brandi Piacente Piacente Financial Communications Email: douyu@tpg-ir.com Tel: +1-212-481-2050

![](tm2531690d1_ex99-1img001.jpg)

------

**UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS**

**(All amounts in thousands, except share, ADS, per share and per ADS data)**

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31** | **As of September 30** | **As of September 30** |
|  | **2024** | **2025** | **2025** |
|  | **RMB** | **RMB** | **US$ <sup>(1)</sup>** |
| **ASSETS** |  |  |  |
| **Current assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | 1017148 | 1551938 | 217999 |
| &nbsp;&nbsp;&nbsp;Restricted cash | 83 | 163 | 23 |
| &nbsp;&nbsp;&nbsp;Short-term bank deposits | 3070374 | 547296 | 76878 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | 49057 | 60376 | 8481 |
| &nbsp;&nbsp;&nbsp;Prepayments | 26885 | 18871 | 2651 |
| &nbsp;&nbsp;&nbsp;Amounts due from related parties | 74175 | 85193 | 11967 |
| &nbsp;&nbsp;&nbsp;Other current assets, net | 231354 | 225761 | 31712 |
| **Total current assets** | 4469076 | 2489598 | 349711 |
| &nbsp;&nbsp;&nbsp;Property and equipment, net | 7093 | 5251 | 738 |
| &nbsp;&nbsp;&nbsp;Intangible assets, net | 60917 | 40121 | 5636 |
| &nbsp;&nbsp;&nbsp;Long-term bank deposits | 360000 | 100000 | 14047 |
| &nbsp;&nbsp;&nbsp;Investments | 456815 | 396728 | 55728 |
| &nbsp;&nbsp;&nbsp;Right-of-use assets, net | 15816 | 10348 | 1454 |
| &nbsp;&nbsp;&nbsp;Other non-current assets | 76616 | 64371 | 9042 |
| **Total non-current assets** | 977257 | 616819 | 86645 |
| **TOTAL ASSETS** | 5446333 | 3106417 | 436356 |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |  |
| **LIABILITIES** |  |  |  |
| **Current liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | 498667 | 510475 | 71706 |
| &nbsp;&nbsp;&nbsp;Advances from customers | 4444 | 3102 | 436 |
| &nbsp;&nbsp;&nbsp;Deferred revenue | 252346 | 242749 | 34099 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | 242517 | 191220 | 26861 |
| &nbsp;&nbsp;&nbsp;Amounts due to related parties | 222589 | 145149 | 20389 |
| &nbsp;&nbsp;&nbsp;Lease liabilities due within one year | 11458 | 7796 | 1095 |
| **Total current liabilities** | 1232021 | 1100491 | 154586 |
| **Non-current liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Lease liabilities | 4223 | 1954 | 274 |
| **Total non-current liabilities** | 4223 | 1954 | 274 |
| **TOTAL LIABILITIES** | 1236244 | 1102445 | 154860 |

---

<sup>(1)</sup> Translations of certain RMB amounts into U.S. dollars at a specified rate are solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB7.1190 to US$1.00, the noon buying rate in effect on Sep 30, 2025, in the H.10 statistical release of the Federal Reserve Board.

![](tm2531690d1_ex99-1img001.jpg)

------

**UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)**

**(All amounts in thousands, except share, ADS, per share and per ADS data)**

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31** | **As of September 30** | **As of September 30** |
|  | **2024** | **2025** | **2025** |
|  | **RMB** | **RMB** | **US$ <sup>(1)</sup>** |
| **SHAREHOLDERS' EQUITY** |  |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary shares | 20 | 20 | 3 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 7514498 | 5363717 | 753437 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (3791817) | (3822271) | (536911) |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | 487388 | 462506 | 64967 |
| **Total DouYu Shareholders' Equity** | 4210089 | 2003972 | 281496 |
| **Total Shareholders' Equity** | 4210089 | 2003972 | 281496 |
| **TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY** | 5446333 | 3106417 | 436356 |

---

<sup>(1)</sup> Translations of certain RMB amounts into U.S. dollars at a specified rate are solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB7.1190 to US$1.00, the noon buying rate in effect on Sep 30, 2025, in the H.10 statistical release of the Federal Reserve Board.

![](tm2531690d1_ex99-1img001.jpg)

------

**UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)**

**(All amounts in thousands, except share, ADS, per share and per ADS data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
|  | **Sep 30, <br> 2024** | **Jun 30, <br> 2025** | **Sep 30, <br> 2025** | **Sep 30, <br> 2025** | **Sep 30,<br> 2024** | **Sep 30,<br> 2025** | **Sep 30, <br> 2025** |
|  | **RMB** | **RMB** | **RMB** | **US$ <sup>(1)</sup>** | **RMB** | **RMB** | **US$ <sup>(1)</sup>** |
| **Net revenues** | 1063101 | 1053915 | 899111 | 126297 | 3134826 | 2900077 | 407371 |
| **Cost of revenues** | (1002282) | (911975) | (783022) | (109990) | (2880784) | (2528541) | (355182) |
| **Gross profit** | 60819 | 141940 | 116089 | 16307 | 254042 | 371536 | 52189 |
| **Operating expenses** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales and marketing expenses | (79260) | (61585) | (52331) | (7351) | (231793) | (186845) | (26246) |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | (41462) | (39816) | (35274) | (4955) | (132754) | (110877) | (15575) |
| &nbsp;&nbsp;&nbsp;Research and development expenses | (43243) | (27611) | (26888) | (3777) | (147526) | (87248) | (12256) |
| &nbsp;&nbsp;&nbsp;Other operating income (expenses), net | 8964 | 1318 | 10334 | 1452 | (122655) | 13468 | 1892 |
| **Total operating expenses** | (155001) | (127694) | (104159) | (14631) | (634728) | (371502) | (52185) |
| **(Loss) income from operations** | (94182) | 14246 | 11930 | 1676 | (380686) | 34 | 4 |
| &nbsp;&nbsp;&nbsp;Other income (expenses), net | 44242 | 9463 | (10124) | (1422) | 43299 | (59215) | (8318) |
| &nbsp;&nbsp;&nbsp;Interest Income | 60840 | 19200 | 18105 | 2543 | 217906 | 47446 | 6665 |
| Foreign exchange (expenses) income | (70) | (17) | (232) | (33) | 688 | 9 | 1 |
| **Income (loss) before income taxes and share of loss in equity method investments** | 10830 | 42892 | 19679 | 2764 | (118793) | (11726) | (1648) |
| &nbsp;&nbsp;&nbsp;Income tax expense | (6432) | (8151) | (6662) | (936) | (8943) | (19946) | (2802) |
| &nbsp;&nbsp;&nbsp;Share of (loss) income in equity method investments | (994) | 3088 | (1688) | (237) | (5982) | 1218 | 171 |
| **Net income (loss)** | 3404 | 37829 | 11329 | 1591 | (133718) | (30454) | (4279) |
| **Net income (loss) attributable to ordinary shareholders of the Company** | 3404 | 37829 | 11329 | 1591 | (133718) | (30454) | (4279) |
| **Net income (loss) per ordinary share** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 0.11 | 1.25 | 0.38 | 0.05 | (4.31) | (1.01) | (0.14) |
| &nbsp;&nbsp;&nbsp;Diluted | 0.11 | 1.25 | 0.38 | 0.05 | (4.31) | (1.01) | (0.14) |
| **Net income (loss) per ADS<sup>(2)</sup>** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 0.11 | 1.25 | 0.38 | 0.05 | (4.31) | (1.01) | (0.14) |
| &nbsp;&nbsp;&nbsp;Diluted | 0.11 | 1.25 | 0.38 | 0.05 | (4.31) | (1.01) | (0.14) |
| **Weighted average number of ordinary shares used in calculating net income (loss) per ordinary share** | **Weighted average number of ordinary shares used in calculating net income (loss) per ordinary share** | **Weighted average number of ordinary shares used in calculating net income (loss) per ordinary share** | **Weighted average number of ordinary shares used in calculating net income (loss) per ordinary share** | **Weighted average number of ordinary shares used in calculating net income (loss) per ordinary share** | **Weighted average number of ordinary shares used in calculating net income (loss) per ordinary share** | **Weighted average number of ordinary shares used in calculating net income (loss) per ordinary share** | **Weighted average number of ordinary shares used in calculating net income (loss) per ordinary share** |
| &nbsp;&nbsp;&nbsp;Basic | 30228317 | 30178859 | 30178859 | 30178859 | 31051664 | 30178859 | 30178859 |
| &nbsp;&nbsp;&nbsp;Diluted | 30228317 | 30178859 | 30178859 | 30178859 | 31051664 | 30178859 | 30178859 |
| **Weighted average number of ADS used in calculating net income (loss) per ADS** | **Weighted average number of ADS used in calculating net income (loss) per ADS** | **Weighted average number of ADS used in calculating net income (loss) per ADS** | **Weighted average number of ADS used in calculating net income (loss) per ADS** | **Weighted average number of ADS used in calculating net income (loss) per ADS** | **Weighted average number of ADS used in calculating net income (loss) per ADS** | **Weighted average number of ADS used in calculating net income (loss) per ADS** | **Weighted average number of ADS used in calculating net income (loss) per ADS** |
| &nbsp;&nbsp;&nbsp;Basic | 30228317 | 30178859 | 30178859 | 30178859 | 31051664 | 30178859 | 30178859 |
| &nbsp;&nbsp;&nbsp;Diluted | 30228317 | 30178859 | 30178859 | 30178859 | 31051664 | 30178859 | 30178859 |

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<sup>(1)</sup> Translations of certain RMB amounts into U.S. dollars at a specified rate are solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB7.1190 to US$1.00, the noon buying rate in effect on Sep 30, 2025, in the H.10 statistical release of the Federal Reserve Board.

<sup>(2)</sup> Every one ADS represents one ordinary share.

![](tm2531690d1_ex99-1img001.jpg)

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**RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS**

**(All amounts in thousands, except share, ADS, per share and per ADS data)**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
|  | **Sep 30, <br> 2024** | **Jun 30,<br> 2025** | **Sep 30,<br> 2025** | **Sep 30, <br> 2025** | **Sep 30, <br> 2024** | **Sep 30, <br> 2025** | **Sep 30,<br> 2025** |
|  | **RMB** | **RMB** | **RMB** | **US$ <sup>(1)</sup>** | **RMB** | **RMB** | **US$ <sup>(1)</sup>** |
| **(Loss) income from operations** | (94182) | 14246 | 11930 | 1676 | (380686) | 34 | 4 |
| **Adjusted Operating (loss) income (non-GAAP)** | (94182) | 14246 | 11930 | 1676 | (380686) | 34 | 4 |
| **Net income (loss)** | 3404 | 37829 | 11329 | 1591 | (133718) | (30454) | (4279) |
| Add/(Reversal of): |  |  |  |  |  |  |  |
| Share of loss (income) in equity method investments | 994 | (3088) | 1688 | 237 | 5982 | (1218) | (171) |
| Impairment losses and fair value adjustments on investments<sup>(2)</sup> | (44242) | (9463) | 10124 | 1422 | (43299) | 59215 | 8318 |
| **Adjusted net (loss) income (non-GAAP)** | (39844) | 25278 | 23141 | 3250 | (171035) | 27543 | 3868 |
| **Net income (loss) attributable to DouYu** | 3404 | 37829 | 11329 | 1591 | (133718) | (30454) | (4279) |
| Add/(Reversal of): |  |  |  |  |  |  |  |
| Share of loss (income) in equity method investments | 994 | (3088) | 1688 | 237 | 5982 | (1218) | (171) |
| Impairment losses and fair value adjustments on investments | (44242) | (9463) | 10124 | 1422 | (43299) | 59215 | 8318 |
| **Adjusted net (loss) income attributable to DouYu** | (39844) | 25278 | 23141 | 3250 | (171035) | 27543 | 3868 |
| Adjusted net (loss) income per ordinary share (non-GAAP) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | (1.32) | 0.84 | 0.77 | 0.11 | (5.51) | 0.91 | 0.13 |
| &nbsp;&nbsp;&nbsp;Diluted | (1.32) | 0.84 | 0.77 | 0.11 | (5.51) | 0.91 | 0.13 |
| Adjusted net (loss) income per ADS<sup>(3)</sup> (non-GAAP) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | (1.32) | 0.84 | 0.77 | 0.11 | (5.51) | 0.91 | 0.13 |
| &nbsp;&nbsp;&nbsp;Diluted | (1.32) | 0.84 | 0.77 | 0.11 | (5.51) | 0.91 | 0.13 |
| Weighted average number of ordinary shares used in calculating Adjusted net (loss) income per ordinary share | Weighted average number of ordinary shares used in calculating Adjusted net (loss) income per ordinary share | Weighted average number of ordinary shares used in calculating Adjusted net (loss) income per ordinary share | Weighted average number of ordinary shares used in calculating Adjusted net (loss) income per ordinary share | Weighted average number of ordinary shares used in calculating Adjusted net (loss) income per ordinary share | Weighted average number of ordinary shares used in calculating Adjusted net (loss) income per ordinary share | Weighted average number of ordinary shares used in calculating Adjusted net (loss) income per ordinary share | Weighted average number of ordinary shares used in calculating Adjusted net (loss) income per ordinary share |
| &nbsp;&nbsp;&nbsp;Basic | 30228317 | 30178859 | 30178859 | 30178859 | 31051664 | 30178859 | 30178859 |
| &nbsp;&nbsp;&nbsp;Diluted | 30228317 | 30178859 | 30178859 | 30178859 | 31051664 | 30178859 | 30178859 |
| Weighted average number of ADS used in calculating net (loss) income per ADS<sup>(2)</sup> | Weighted average number of ADS used in calculating net (loss) income per ADS<sup>(2)</sup> | Weighted average number of ADS used in calculating net (loss) income per ADS<sup>(2)</sup> | Weighted average number of ADS used in calculating net (loss) income per ADS<sup>(2)</sup> | Weighted average number of ADS used in calculating net (loss) income per ADS<sup>(2)</sup> | Weighted average number of ADS used in calculating net (loss) income per ADS<sup>(2)</sup> | Weighted average number of ADS used in calculating net (loss) income per ADS<sup>(2)</sup> | Weighted average number of ADS used in calculating net (loss) income per ADS<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;Basic | 30228317 | 30178859 | 30178859 | 30178859 | 31051664 | 30178859 | 30178859 |
| &nbsp;&nbsp;&nbsp;Diluted | 30228317 | 30178859 | 30178859 | 30178859 | 31051664 | 30178859 | 30178859 |

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<sup>(1)</sup> Translations of certain RMB amounts into U.S. dollars at a specified rate are solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB7.1190 to US$1.00, the noon buying rate in effect on Sep 30, 2025, in the H.10 statistical release of the Federal Reserve Board.

<sup>(2)</sup> Impairment losses and fair value adjustments on investments was included in line item "Other income (expenses), net" of condensed consolidated statements of income (loss).

<sup>(3)</sup> Every one ADS represents one ordinary share.