DOYUNasdaqServices-Computer Programming, Data Processing, Etc.US GAAP · USD

DouYu International Holdings Ltd

DouYu International Holdings Ltd operates a game-centric live streaming platform in China through its PC and mobile apps. The company combines live video, graphic content, community features, and eSports-related entertainment to connect users with game broadcasters, viewers, and interactive virtual communities.

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Revenue3,819m USD
−10.6 %y/y
Operating profit (EBIT)4.8m USD
+100.8 %y/y
EBIT margin0.1%
+13.6 ppy/y
Net income-29.1m USD
+90.5 %y/y
Free cash flow-52.5m USD
+78.1 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-2,50002,5005,0007,50010,000m USD2020: 9,602 m USD2020: EBIT 262 m USD20202021: 9,165 m USD2021: EBIT -649 m USD20212022: 7,108 m USD2022: EBIT -199 m USD20222023: 5,530 m USD2023: EBIT -164 m USD20232024: 4,271 m USD2024: EBIT -574 m USD20242025: 3,819 m USD2025: EBIT 4.8 m USD20253,8194.8
RevenueOperating profit (EBIT)
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Business

Share of revenue
Live streaming platform70 %

Real-time video streaming for games, entertainment, and creator-led content.

Interactive community features15 %

Virtual communities, chats, and event participation tools that increase engagement.

Graphic and video content10 %

Supplementary video and graphic content distributed through the platform.

eSports ecosystem services5 %

Content and platform services tied to the eSports value chain.

Customers

DouYu serves end users who consume game streaming, entertainment video, and interactive community content on its platform. The core audience is gaming and eSports users who value live interaction with streamers, creators, and other viewers. Its business also depends on content creators and broadcasters who supply the live and graphic content that attracts and retains users.

Gaming viewers

Users who watch live game broadcasts and related entertainment content for interactive engagement.

eSports community

Users following tournaments, creators, and game-centered community activity.

Content creators and broadcasters

Streamers and media partners who provide programming that drives traffic and retention.

Advertisers and sponsors

Brands that buy access to gaming audiences and community-driven engagement.

Strategy

DouYu’s strategy centers on retaining users through game-focused live streaming, richer content formats, and stronger community engagement. The platform depends on keeping a differentiated position in China’s gaming entertainment ecosystem by combining content, interaction, and creator relationships across PC and mobile channels.

User engagement and retentionShort term

The platform model depends on repeat usage, interactive viewing, and community stickiness.

Content quality and creator ecosystemMedium term

Attractive broadcasters and premium content are key to audience growth and platform differentiation.

Platform integration across devicesMedium term

PC and mobile access broadens reach and improves user convenience.

Geography

DouYu is headquartered in Wuhan, China and its platform is primarily focused on the Chinese market. The company’s operations are shaped by China’s internet content environment, gaming ecosystem, and local user preferences, while its Nasdaq listing gives it an international capital-markets profile.

Risks

DouYu is exposed to content moderation, gaming industry cycles, and Chinese regulatory oversight because its platform depends on user-generated live entertainment. Competitive pressure from other streaming and social platforms can also affect traffic, creator relationships, and monetization, while eSports and gaming audience trends influence engagement levels.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →China regulatory risk1Audience and engagement volatility2Competitive pressure3Content moderation and reputational risk4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. China regulatory riskImpact: HighLikelihood: High

    The platform operates in a regulated online content and gaming environment where rules can change quickly.

    Exposure: Mainland China content operations

  2. Audience and engagement volatilityImpact: HighLikelihood: Medium

    Traffic depends on gaming trends, content popularity, and user retention on a live platform model.

    Exposure: Viewer and creator activity

  3. Competitive pressureImpact: MediumLikelihood: High

    Alternative streaming and social video platforms compete for viewers, streamers, and advertising attention.

    Exposure: Platform market share

  4. Content moderation and reputational riskImpact: MediumLikelihood: High

    Live user-generated content can create compliance, safety, and brand-control challenges.

    Exposure: Live streaming and community features

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Accounting

Judgemental items
Non-GAAP adjustments

Adjusted results remove equity-method losses, investment fair value changes, and intangible impairments, affecting trend comparability.

Impact: Can materially change reported profitability trends

Goodwill and intangible asset impairment

Management explicitly adjusts for intangible asset impairment, indicating judgment-sensitive valuation and recoverability testing.

Impact: May create non-cash charges and volatility

Equity method investments

Share of income or loss from equity-method holdings is excluded in adjusted measures and can move results materially.

Impact: Affects GAAP earnings and adjusted reconciliation

ADS and ordinary share conversion

The company reports per-ADS metrics tied to ordinary shares, which investors need to interpret correctly.

Impact: Affects per-share comparability

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Last updated: 28/09/2026