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DouYu International Holdings Limited Reports Second Quarter 2024 Unaudited Financial Results

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DouYu International Holdings (Nasdaq: DOYU) reported its Q2 2024 financial results. Key highlights include:

- Total net revenues decreased 25.9% YoY to RMB1,032.0 million (US$142.0 million)
- Gross profit declined to RMB84.2 million (US$11.6 million)
- Net loss of RMB49.2 million (US$6.8 million)
- Average mobile MAUs decreased to 44.1 million
- Quarterly average paying users dropped to 3.4 million

Despite challenges, DouYu saw growth in innovative business, advertising, and other revenues, which increased 80.7% YoY to RMB242.0 million. The company completed its US$20 million share repurchase program and announced a US$300 million special cash dividend in July 2024.

DouYu International Holdings (Nasdaq: DOYU) ha riportato i suoi risultati finanziari del secondo trimestre 2024. I punti salienti includono:

- I ricavi netti totali sono diminuiti del 25,9% rispetto all'anno precedente, raggiungendo RMB1.032,0 milioni (US$142,0 milioni)
- Il profitto lordo è sceso a RMB84,2 milioni (US$11,6 milioni)
- La perdita netta è stata di RMB49,2 milioni (US$6,8 milioni)
- Gli utenti attivi mensili medi su mobile sono diminuiti a 44,1 milioni
- Il numero medio di utenti paganti trimestrali è sceso a 3,4 milioni

Nonostante le difficoltà, DouYu ha registrato una crescita nel business innovativo, nella pubblicità e in altri ricavi, che sono aumentati dell'80,7% rispetto all'anno precedente, toccando RMB242,0 milioni. L'azienda ha completato il suo programma di riacquisto di azioni da 20 milioni di dollari e ha annunciato un dividendo speciale in contante di 300 milioni di dollari a luglio 2024.

DouYu International Holdings (Nasdaq: DOYU) reportó sus resultados financieros del segundo trimestre de 2024. Los aspectos destacados incluyen:

- Los ingresos netos totales disminuyeron un 25,9% interanual a RMB1.032,0 millones (US$142,0 millones)
- El beneficio bruto cayó a RMB84,2 millones (US$11,6 millones)
- Pérdida neta de RMB49,2 millones (US$6,8 millones)
- Los usuarios activos mensuales promedio en dispositivos móviles disminuyeron a 44,1 millones
- El promedio de usuarios que pagan trimestralmente cayó a 3,4 millones

A pesar de los desafíos, DouYu vio un crecimiento en su negocio innovador, publicidad y otros ingresos, que aumentaron un 80,7% interanual a RMB242,0 millones. La compañía completó su programa de recompra de acciones de 20 millones de dólares y anunció un dividendo en efectivo especial de 300 millones de dólares en julio de 2024.

DouYu International Holdings (Nasdaq: DOYU)는 2024년 2분기 재무 결과를 발표했습니다. 주요 내용은 다음과 같습니다:

- 총 순수익이 전년 대비 25.9% 감소하여 RMB1,032.0 백만 (미화 1억 4,200만 달러)
- 총 매출총이익이 RMB84.2 백만 (미화 1,160만 달러)으로 감소했습니다.
- 순손실이 RMB49.2 백만 (미화 680만 달러)입니다.
- 평균 모바일 MAU가 4,410만으로 감소했습니다.
- 분기 평균 유료 사용자 수가 340만으로 떨어졌습니다.

어려움에도 불구하고 DouYu는 혁신적인 비즈니스, 광고 및 기타 수익에서 80.7%의 성장률을 기록하였으며, 이로 인해 RMB242.0 백만의 수익을 창출했습니다. 회사는 2천만 달러 규모의 주식 매입 프로그램을 완료하였으며, 2024년 7월에 3억 달러 상당의 특별 현금 배당금을 발표했습니다.

DouYu International Holdings (Nasdaq: DOYU) a publié ses résultats financiers du deuxième trimestre 2024. Les points clés incluent :

- Les revenus nets totaux ont diminué de 25,9 % par rapport à l'année précédente, atteignant RMB1.032,0 millions (142,0 millions de dollars US)
- Le bénéfice brut a chuté à RMB84,2 millions (11,6 millions de dollars US)
- Perte nette de RMB49,2 millions (6,8 millions de dollars US)
- Le nombre moyen d'utilisateurs actifs mensuels sur mobile a diminué à 44,1 millions
- Le nombre moyen d'utilisateurs payants par trimestre est tombé à 3,4 millions

Malgré les défis, DouYu a enregistré une croissance dans ses activités innovantes, la publicité et autres revenus, qui ont augmenté de 80,7 % par rapport à l'année précédente pour atteindre RMB242,0 millions. La société a terminé son programme de rachat d'actions de 20 millions de dollars et a annoncé un dividende spécial en espèces de 300 millions de dollars en juillet 2024.

DouYu International Holdings (Nasdaq: DOYU) hat seine finanziellen Ergebnisse für das zweite Quartal 2024 veröffentlicht. Zu den wichtigsten Punkten gehören:

- Die gesamten Nettoumsätze sind im Jahresvergleich um 25,9 % auf RMB1.032,0 Millionen (US$142,0 Millionen) gesunken
- Der Bruttogewinn fiel auf RMB84,2 Millionen (US$11,6 Millionen)
- Nettoverlust von RMB49,2 Millionen (US$6,8 Millionen)
- Die durchschnittlichen mobilen MAUs gingen auf 44,1 Millionen zurück
- Die durchschnittlichen zahlenden Nutzer pro Quartal sanken auf 3,4 Millionen

Trotz der Herausforderungen verzeichnete DouYu ein Wachstum im innovativen Geschäft, in der Werbung und in anderen Einnahmen, die im Jahresvergleich um 80,7 % auf RMB242,0 Millionen anstiegen. Das Unternehmen schloss sein Programm zum Aktienrückkauf über 20 Millionen US-Dollar ab und kündigte im Juli 2024 eine Sonderbardividende von 300 Millionen US-Dollar an.

Positive
  • Innovative business, advertising, and other revenues increased 80.7% YoY to RMB242.0 million
  • Completed US$20 million share repurchase program
  • Announced US$300 million special cash dividend
  • Reduced sales and marketing expenses by 11.5% YoY
  • Decreased research and development expenses by 29.4% YoY
Negative
  • Total net revenues decreased 25.9% YoY to RMB1,032.0 million
  • Net loss of RMB49.2 million compared to net income of RMB6.8 million in Q2 2023
  • Gross profit declined to RMB84.2 million from RMB188.9 million in Q2 2023
  • Average mobile MAUs decreased to 44.1 million from 50.3 million in Q2 2023
  • Quarterly average paying users dropped to 3.4 million from 4.0 million in Q2 2023
  • Livestreaming revenues decreased by 37.2% YoY

Insights

DouYu's Q2 2024 results show significant challenges. Total net revenues decreased by 25.9% year-over-year to RMB1,032.0 million, primarily due to a 37.2% drop in livestreaming revenues. This decline reflects the impact of a soft macroeconomic environment and the company's strategy to offer lower-priced products.

The bright spot is the 80.7% increase in innovative business, advertising and other revenues, now contributing 23.4% of total revenue. However, this wasn't enough to offset the livestreaming decline. The company's net loss of RMB49.2 million compared to a net income in the same period last year is concerning.

While DouYu's diversification efforts are promising, the overall financial picture suggests significant headwinds. Investors should closely monitor the company's ability to grow its innovative business segment and stabilize its core livestreaming revenues in the coming quarters.

DouYu's Q2 results reflect broader challenges in China's livestreaming industry. The decline in average mobile MAUs to 44.1 million from 50.3 million year-over-year, coupled with a drop in quarterly average paying users, signals a shrinking user base. This trend aligns with increased competition and market saturation in the gaming livestream sector.

The company's pivot towards diversification, particularly in voice-based social networking, shows promise. However, the significant revenue mix shift - with innovative business now accounting for 23.4% of total revenue up from 9.6% - suggests a potentially risky transition period.

DouYu's strategy to focus on content ecosystem enhancement and streamer collaboration could be important for long-term growth, but short-term financial pressures may persist as the company navigates this transition amid challenging market conditions.

DouYu's technological strategy shows promise amidst financial challenges. The 33% decrease in bandwidth costs indicates improved efficiency in content delivery, important for a livestreaming platform. This optimization could lead to better user experience and cost savings long-term.

The company's focus on content ecosystem enrichment and product upgrades aligns with industry trends towards more interactive and diverse gaming experiences. However, the 29.4% decrease in R&D expenses raises questions about future innovation capacity.

DouYu's exploration of voice-based social networking services demonstrates adaptability to emerging tech trends. As gaming and social media continue to converge, this diversification could position DouYu well for future growth, provided they can balance innovation with financial prudence.

WUHAN, China, Sept. 12, 2024 /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 second quarter ended June 30, 2024.

Second Quarter 2024 Financial and Operational Highlights

  • Total net revenues in the second quarter of 2024 were RMB1,032.0 million (US$142.0 million), compared with RMB1,392.2 million in the same period of 2023.
  • Gross profit in the second quarter of 2024 was RMB84.2 million (US$11.6 million), compared with RMB188.9 million in the same period of 2023.
  • Net loss in the second quarter of 2024 was RMB49.2 million (US$6.8 million), compared with net income of RMB6.8 million in the same period of 2023.
  • Adjusted net loss[1] in the second quarter of 2024 was RMB45.5 million (US$6.3 million), compared with adjusted net income of RMB61.4 million in the same period of 2023.
  • Average mobile MAUs[2] in the second quarter of 2024 were 44.1 million, compared with 50.3 million in the same period of 2023.
  • The number of quarterly average paying users[3] in the second quarter of 2024 was 3.4 million, compared with 4.0 million in the same period of 2023.

The interim management committee of DouYu commented, "In the second quarter of 2024, we further enriched our content ecosystem and enhanced our diversified commercialization capabilities. In deepening our collaboration with streamers and game developers on content innovation and product upgrades, we successfully introduced diverse cooperative models that bring DouYu users more exceptional content experiences and an expanded array of gaming services. Our long-term development strategy remains centered on fostering a vibrant, diverse, game-centric content ecosystem by harnessing the strengths of DouYu's deep-rooted streamer resources and premium content. We will continue to dynamically adapt our operating strategies amid the evolving macroeconomic and industry shifts, proactively addressing challenges and optimizing our platform's content ecosystem to serve our overarching goal of long-term, sustainable growth."

Mr. Hao Cao, Vice President of DouYu, commented, "Our strategic revenue diversification initiatives yielded encouraging results in the second quarter. Revenue from Innovative business, advertising and others (formerly known as advertising and other revenues) steadily increased to RMB242 million, contributing 23.4% of our total revenue, a significant improvement from 9.6% in the same period of 2023. Despite short-term financial pressure from macroeconomic headwinds and an evolving business landscape, we remain committed to rewarding the trust and support of our shareholders. In addition to our US$20 million share repurchase program announced in December 2023, which was successfully completed in July, we announced a US$300 million special cash dividend in early July. Looking ahead, we will continue to explore commercial diversification pathways, prioritizing the Company's long-term, healthy growth to deliver value to our shareholders."

Second Quarter 2024 Financial Results

Total net revenues in the second quarter of 2024 decreased by 25.9% to RMB1,032.0 million (US$142.0 million), compared with RMB1,392.2 million in the same period of 2023.

Livestreaming revenues in the second quarter of 2024 decreased by 37.2% to RMB790.1 million (US$108.7 million) from RMB1,258.3 million in the same period of 2023. The decrease was primarily due to the soft macroeconomic environment, in response to which we offered lower-priced products and reduced promotional events focused on paying user acquisition. As a result, there was a year-over-year decrease in both average revenue per paying user and the number of total paying users.

Innovative business, advertising and other revenues (formerly known as advertising and other revenues) in the second quarter of 2024 increased by 80.7% to RMB242.0 million (US$33.3 million) from RMB133.9 million in the same period of 2023. The increase was primarily driven by an increase in other revenues generated through our other innovative business, such as the voice-based social networking service.

Cost of revenues in the second quarter of 2024 decreased by 21.2% to RMB947.8 million (US$130.4 million) from RMB1,203.3 million in the same period of 2023.

Revenue-sharing fees and content costs in the second quarter of 2024 decreased by 18.1% to RMB803.4 million (US$110.6 million) from RMB981.3 million in the same period of 2023. The decrease was primarily due to a decrease in revenue-sharing fees aligned with decreased livestreaming revenues, as well as a decline in content costs resulting from improved cost management in streamer payments and copyrighted content, and partially offset by the increase in costs related to the innovative business.

Bandwidth costs in the second quarter of 2024 decreased by 33.0% to RMB79.6 million (US$11.0 million) from RMB118.8 million in the same period of 2023. The decline was primarily due to a year-over-year decrease in peak bandwidth usage.

Gross profit in the second quarter of 2024 was RMB84.2 million (US$11.6 million), compared with RMB188.9 million in the same period of 2023. The decline in gross profit was primarily due to the decrease in livestreaming revenues outpacing the decline in cost of revenues. Gross margin in the second quarter of 2024 was 8.2%, compared with 13.6% in the same period of 2023.

Sales and marketing expenses in the second quarter of 2024 decreased by 11.5% to RMB77.0 million (US$10.6 million)  from RMB87.0 million in the same period of 2023. The decrease was mainly attributable to a decrease in staff-related expenses.

Research and development expenses in the second quarter of 2024 decreased by 29.4% to RMB50.1 million (US$6.9 million) from RMB71.0 million in the same period of 2023. The decrease was primarily due to a decrease in staff-related expenses.

General and administrative expenses in the second quarter of 2024 increased by 3.4% to RMB48.5 million (US$6.7 million) from RMB46.9 million in the same period of 2023. The increase was primarily due to increased expenses related to our employee streamlining initiatives.

Other operating expenses, net in the second quarter of 2024 were RMB28.2 million (US$3.9 million), compared with other operating income of RMB8.6 million in the same period of 2023.

Loss from operations in the second quarter of 2024 was RMB119.6 million (US$16.5 million), compared with RMB7.5 million in the same period of 2023.

Net loss in the second quarter of 2024 was RMB49.2 million (US$6.8 million), compared with net income of RMB6.8 million in the same period of 2023.

Adjusted net loss, which excludes the share of loss in equity method investments, and impairment loss of investments, was RMB45.5 million (US$6.3 million) in the second quarter of 2024, compared with adjusted net income of RMB61.4 million in the same period of 2023.

Basic and diluted net loss per ADS[4] in the second quarter of 2024 were both RMB1.58 (US$0.22). Adjusted basic and diluted net loss per ADS in the second quarter of 2024 were both RMB1.46 (US$0.20).

Cash and cash equivalents, restricted cash and bank deposits

As of June 30, 2024, 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 RMB6,561.3 million (US$902.9 million), compared with RMB6,855.5 million as of December 31, 2023.

Updates of Share Repurchase Program

On December 28, 2023, the Company announced that its board of directors had authorized a share repurchase program under which the Company may repurchase up to US$20 million of its ordinary shares in the form of ADSs during a period of up to 12 months commencing on January 1, 2024. As of June 30, 2024, the Company had repurchased an aggregate of US$11.2 million of its ADSs in the open market under this program. The allotment of US$20 million was used in full by July 18, 2024.

Conference Call Information

The Company will hold a conference call on September 12, 2024, at 7:00 a.m. Eastern Time (or 7:00 p.m. Beijing Time on the same day) to discuss the financial results. Listeners may access the call by dialing the following numbers:

International:

+1-412-317-6061

United States Toll-Free:

+1-888-317-6003

Mainland China Toll-Free:

4001-206115

Hong Kong Toll Free:

800-963976

Singapore Toll Free:

800-120-5863

Conference ID:

8687804

 The replay will be accessible through September 19, 2024, by dialing the following numbers:

International:

+1-412-317-0088

United States Toll Free:

+1-877-344-7529

Conference ID:

1678388

A live and archived webcast of the conference call will also be available on the Company's investor relations website at http://ir.douyu.com.

[1] "Adjusted net loss" is defined as net loss excluding share of loss in equity method investments, and impairment loss of 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.

[2] Refers to the number of mobile devices that launched our mobile apps 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.

[3] "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.

[4] Every one ADS represents one ordinary share for the relevant period and calendar year.

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 contents, 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, especially on eSports. This enables DouYu to continuously enhance its user experience and pursue long-term healthy development. For more information, please see http://ir.douyu.com.

Use of Non-GAAP Financial Measures

Adjusted net income (loss) is calculated as net income (loss) adjusted for share of loss in equity method investments, and impairment loss of investments. Adjusted net income (loss) attributable to DouYu is calculated as net income (loss) attributable to DouYu adjusted for share of loss in equity method investments, and impairment loss of investments. Adjusted basic and diluted net income per ordinary share is non-GAAP net income attributable to ordinary shareholders divided by weighted average number of ordinary shares used in the calculation of non-GAAP basic and diluted net income per ordinary share. The Company adjusted the impact of (i) share of loss in equity method investments, (ii) impairment loss of 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 its 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 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 RMB7.2672 to US$1.00, the noon buying rate in effect on June 28, 2024, 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 June 28, 2024, 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-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; 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; the impact of the COVID-19 to the Company's business operations and the economy in China and globally; 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 Securities 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:

Lingling Kong

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

 


Media Relations Contact

In China:

Lingling Kong

DouYu International Holdings Limited

Email: pr_douyu@douyu.tv

Tel: +86 (10) 6508-0677

 


 

 

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

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



As of December 31


As of June 30


2023


2024


2024

ASSETS

RMB


RMB


US$ (1)

Current assets:






Cash and cash equivalents

4,440,131


4,061,140


558,831

Restricted cash

-


21


3

Short-term bank deposits

1,716,540


1,974,461


271,695

Accounts receivable, net

73,453


52,279


7,194

Prepayments

38,181


26,085


3,589

Amounts due from related parties

68,994


61,859


8,512

Other current assets, net

348,129


482,012


66,327

Total current assets

6,685,428


6,657,857


916,151







Property and equipment, net

13,808


8,525


1,172

Intangible assets, net

120,694


141,671


19,495

Long-term bank deposits

630,000


450,000


61,922

Investments

436,197


431,112


59,323

Right-of-use assets, net

22,792


5,925


815

Other non-current assets

163,184


138,797


19,099

Total non-current assets

1,386,675


1,176,030


161,826

TOTAL ASSETS

8,072,103


7,833,887


1,077,977

 

LIABILITIES AND SHAREHOLDERS' EQUITY






LIABILITIES






Current liabilities:






Accounts payable

534,428


464,509


63,919

Advances from customers

12,911


10,194


1,403

Deferred revenue

315,969


271,061


37,299

Accrued expenses and other current liabilities

246,601


191,607


26,366

Amounts due to related parties

251,392


382,574


52,644

Lease liabilities due within one year

14,768


4,523


622

Total current liabilities

1,376,069


1,324,468


182,253







Lease liabilities

6,701


563


77

Total non-current liabilities

6,701


563


77

TOTAL LIABILITIES

1,382,770


1,325,031


182,330







(1) 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 RMB7.2672 to US$1.00, the noon buying rate in effect on June 28, 2024, in the

H.10 statistical release of the Federal Reserve Board.

 

 

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 June 30


2023


2024


2024


RMB


RMB


US$ (1)

SHAREHOLDERS' EQUITY






Ordinary shares

23


23


3

Treasury shares

(911,217)


(991,370)


(136,417)

Additional paid-in capital

10,670,287


10,670,287


1,468,280

Accumulated deficit

(3,485,007)


(3,622,129)


(498,422)

Accumulated other comprehensive income

415,247


452,045


62,203

Total DouYu Shareholders' Equity

6,689,333


6,508,856


895,647

Total Shareholders' Equity

6,689,333


6,508,856


895,647

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

8,072,103


7,833,887


1,077,977







(1) 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 RMB7.2672 to US$1.00, the noon buying rate in effect on June 28, 2024, in the

H.10 statistical release of the Federal Reserve Board.

 

 

 

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) 

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



Three Months Ended


Six Months Ended


June 30,

2023


March 31,

2024


June 30,

2024


June 30,

2024


June 30,

2023


June 30,

2024


June 30,

2024


RMB


RMB


RMB


US$ (1)


RMB


RMB


US$ (1)

Net revenues

1,392,193


1,039,684


1,032,041


142,014


2,875,253


2,071,725


285,079

Cost of revenues

(1,203,294)


(930,678)


(947,823)


(130,425)


(2,509,888)


(1,878,501)


(258,490)

Gross profit

188,899


109,006


84,218


11,589


365,365


193,224


26,589

Operating income (expense)














Sales and marketing expenses

(87,047)


(75,570)


(76,963)


(10,590)


(177,733)


(152,533)


(20,989)

General and administrative expenses

(46,938)


(42,797)


(48,496)


(6,673)


(106,731)


(91,293)


(12,562)

Research and development expenses

(71,043)


(54,150)


(50,135)


(6,899)


(143,354)


(104,285)


(14,350)

Other operating income (expense), net

8,615


(103,428)


(28,189)


(3,879)


27,661


(131,617)


(18,111)

Total operating expenses

(196,413)


(275,945)


(203,783)


(28,041)


(400,157)


(479,728)


(66,012)

Loss from operations

(7,514)


(166,939)


(119,565)


(16,452)


(34,792)


(286,504)


(39,423)

Other expenses, net

(24,431)


-


(943)


(130)


(32,431)


(943)


(130)

Interest income

67,252


81,094


75,972


10,454


121,679


157,066


21,613

Foreign exchange gain, net

1,641


153


604


83


245


757


104

Income (loss) before income taxes and share of loss

  in equity method investments

36,948


(85,692)


(43,932)


(6,045)


54,701


(129,624)


(17,836)

Income tax expense

-


-


(2,510)


(345)


-


(2,510)


(345)

Share of loss in equity method investments

(30,100)


(2,261)


(2,727)


(375)


(33,336)


(4,988)


(686)

Net income (loss)

6,848


(87,953)


(49,169)


(6,765)


21,365


(137,122)


(18,867)

Net income (loss) attributable to ordinary 

shareholders of the Company

6,848


(87,953)


(49,169)


(6,765)


21,365


(137,122)


(18,867)

Net income (loss) per ordinary share














Basic

0.21


(2.77)


(1.58)


(0.22)


0.67


(4.36)


(0.60)

Diluted

0.21


(2.77)


(1.58)


(0.22)


0.67


(4.36)


(0.60)

Net income (loss) per ADS(2)














Basic

0.21


(2.77)


(1.58)


(0.22)


0.67


(4.36)


(0.60)

Diluted

0.21


(2.77)


(1.58)


(0.22)


0.67


(4.36)


(0.60)















Weighted average number of ordinary shares used in calculating net income (loss) per ordinary share

Basic

31,977,665


31,807,180


31,128,544


31,128,544


32,000,608


31,467,862


31,467,862

Diluted

31,977,665


31,807,180


31,128,544


31,128,544


32,000,608


31,467,862


31,467,862















Weighted average number of ADS used in calculating net income (loss) per ADS(2)

Basic

31,977,665


31,807,180


31,128,544


31,128,544


32,000,608


31,467,862


31,467,862

Diluted

31,977,665


31,807,180


31,128,544


31,128,544


32,000,608


31,467,862


31,467,862


(1) 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 RMB7.2672 to US$1.00, the noon buying rate in effect on June 28, 2024, in the H.10 statistical

release of the Federal Reserve Board.

(2) Every one ADS represents one ordinary share.

 

 

RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS

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



Three Months Ended


Six Months Ended


June 30,

2023


March 31,

2024


June 30,

2024


June 30,

2024


June 30,

2023


June 30,

2024


June 30,

2024


RMB


RMB


RMB


US$ (1)


RMB


RMB


US$ (1)

Loss from operations

(7,514)


(166,939)


(119,565)


(16,452)


(34,792)


(286,504)


(39,423)

Adjusted operating loss

(7,514)


(166,939)


(119,565)


(16,452)


(34,792)


(286,504)


(39,423)















Net income (loss)

6,848


(87,953)


(49,169)


(6,765)


21,365


(137,122)


(18,867)

Add:














Share of loss in equity method investments

30,100


2,261


2,727


375


33,336


4,988


686

Impairment loss of investments(2)

24,431


-


943


130


32,431


943


130

Adjusted net income (loss)

61,379


(85,692)


(45,499)


(6,260)


87,132


(131,191)


(18,051)















Net income (loss) attributable to DouYu

6,848


(87,953)


(49,169)


(6,765)


21,365


(137,122)


(18,867)

Add:














Share of loss in equity method investments

30,100


2,261


2,727


375


33,336


4,988


686

Impairment loss of investments

24,431


-


943


130


32,431


943


130

Adjusted net income (loss) attributable to DouYu

61,379


(85,692)


(45,499)


(6,260)


87,132


(131,191)


(18,051)















Adjusted net income (loss) per ordinary share














Basic

1.92


(2.69)


(1.46)


(0.20)


2.72


(4.17)


(0.57)

Diluted

1.92


(2.69)


(1.46)


(0.20)


2.72


(4.17)


(0.57)















Adjusted net income (loss) per ADS(3)

 














Basic

1.92


(2.69)


(1.46)


(0.20)


2.72


(4.17)


(0.57)

Diluted

1.92


(2.69)


(1.46)


(0.20)


2.72


(4.17)


(0.57)















Weighted average number of ordinary shares used in calculating Adjusted net income (loss) per ordinary share

Basic

31,977,665


31,807,180


31,128,544


31,128,544


32,000,608


31,467,862


31,467,862

Diluted

31,977,665


31,807,180


31,128,544


31,128,544


32,000,608


31,467,862


31,467,862















Weighted average number of ADS used in calculating net income (loss) per ADS(2) 

Basic

31,977,665


31,807,180


31,128,544


31,128,544


32,000,608


31,467,862


31,467,862

Diluted

31,977,665


31,807,180


31,128,544


31,128,544


32,000,608


31,467,862


31,467,862


(1) 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 RMB7.2672 to US$1.00, the noon buying rate in effect on June 28, 2024, in the H.10 statistical

release of the Federal Reserve Board.

(2) Impairment loss of investments was included in line item "Other expenses, net" of condensed consolidated statements of income (loss).

(3) Every one ADS represents one ordinary share.

 

Cision View original content:https://www.prnewswire.com/news-releases/douyu-international-holdings-limited-reports-second-quarter-2024-unaudited-financial-results-302246277.html

SOURCE DouYu International Holdings Limited

FAQ

What were DouYu's (DOYU) total net revenues in Q2 2024?

DouYu's total net revenues in Q2 2024 were RMB1,032.0 million (US$142.0 million), a 25.9% decrease compared to the same period in 2023.

How did DouYu's (DOYU) livestreaming revenues perform in Q2 2024?

DouYu's livestreaming revenues in Q2 2024 decreased by 37.2% to RMB790.1 million (US$108.7 million) from RMB1,258.3 million in the same period of 2023.

What was DouYu's (DOYU) net loss in Q2 2024?

DouYu reported a net loss of RMB49.2 million (US$6.8 million) in Q2 2024, compared with a net income of RMB6.8 million in the same period of 2023.

How many average mobile MAUs did DouYu (DOYU) have in Q2 2024?

DouYu's average mobile MAUs in Q2 2024 were 44.1 million, compared with 50.3 million in the same period of 2023.

What special dividend did DouYu (DOYU) announce in July 2024?

DouYu announced a US$300 million special cash dividend in early July 2024.

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